A leading industrialist is urging UK manufacturers to “always consider the worst case scenaio“ by endeavouring to export to a number of different regions, ideally in relatively even proportions so that they are not over exposed to any one currency.
Sensor Technology’s Tony Ingham (pictured) who boasts “a lifetime’s experience in exporting” believes that the recent economic climate should have taught UK manufacturers that they cannot rely on the domestic market alone and must make every effort to maximise exports. Manufacturers must export, but they have to hedge all bets to mitigate the risks, Ingham says.
The Euro, the currency in Britain’s key export market “wobbled alarmingly“ last year and, although catastrophe was averted, the Euro may have further troubles ahead, he says.
“However, I can think of no manufacturer who is in a position to say, ‘we are going to pull out of Europe and concentrate on other markets’. ”
In a summary of target overseas markets, Ingham suggests that Western Europe, Central and Eastern Europe, North America, China/Asia and South America all have pros and cons but: “The conclusion is that UK manufacturers must put every effort into export, and find as many support mechanisms as possible, including local distributors, export guarantees/insurance, exploration visits, help from trade associations, trade councils etc. Exporting isn’t easy and it won’t make you rich, but it is quite simply a necessity. ”
This material is protected by copyright Ken Hurst 2013.