Western Europe largest market for North West engineering companies, survey finds
25th June 2015 18:06 - Engineering
According to a recent survey by BDO and the Institute of Mechanical Engineers, Western Europe is the largest market for North West engineering companies, although, China’s popularity is ever-increasing.
The findings showed that 50 per cent of the engineers in the survey identified Western Europe as their biggest overseas market. Fewer than 25 per cent are selling their products to China.
Of the engineers questioned, 76 per cent said that they would like to develop their international sales by 2020. The countries the companies were the most interested in expanding to were South America, India and China.
As well as this, 78 per cent of the engineers who took part in the survey said that foreign buyers purchase from the UK due to the good quality of the products.
28 per cent of the respondents said that they were not investing enough in research and development to keeping a strong place within the marketplace.
Partner and Head of Manufacturing at BDO North West, Dan Bancroft, said of the findings:
"International trade is the cornerstone of sustainable, long-term growth for North West manufacturers.
"With foreign markets accounting for such a large proportion of sales, it is clear that firms that refuse to rely on domestic markets and invest in their export capabilities are reaping the rewards.
"Despite it still being our largest trading partner, economic weakness in the EU has created significant headwinds for exporters over the past few years placing increasing emphasis on emerging markets. The fact that firms are having problems cracking key geographies is of concern, however China is a good example of how export development can work well."
Sign up for free insights from your sector…
We hope that you have found this article useful. This section is freely available for all to use. Please help support it by liking us or following us on our social media platforms:
For updated Engineering insights please follow us on @DJS_Engineering or use our RSS feed