Commenting on today’s IoP and Trade data, Ms Lee Hopley, Chief Economist at EEF, the manufacturers’ organisation, said:
“The ninth month of growth on the trot for manufacturing is unprecedented in the sector’s history with the data confirming the solid momentum from capital goods sectors, such as mechanical equipment and electronics, at the start of the year. This mirrors the upbeat indicators seen from these industries and is further evidence of these sectors’ success in tapping into growing global markets.
“The trade also shows the recovery in European markets continues to play a particularly dominant role in boosting goods exports with growth outpacing that to non-EU customers. With overseas demand such an important contributor to the current positive outlook for manufacturing, risks of increasing protectionism would surely put the brakes on growth at a time when the economy is more reliant on a good performance from externally facing industries.”