The South West鈥檚 manufacturers contribute a staggering 拢15billion to the region鈥檚 economy, a new report shows.
The study, by manufacturers鈥 organisation Make 海角视频 and accountancy and business advisory firm BDO LLP, reveals South West manufacturers have remained in a healthy position despite the global downturn and uncertain political environment.
The report, analysing the overall status of industry in the region over the past 12 months shows transport equipment remains the dominant sector in the South West, accounting for almost a quarter of output, with the region continuing to benefit from a strong aerospace sector.
This has a knock-on benefit for the second most important sector, metals. The top three is completed by food and drink, which accounts for a tenth of total production, and is the 海角视频鈥檚 biggest overall manufacturing sector accounting for just under 15% of all manufacturing output.
The South West also continues to be a strong export performer, accounting for almost 6.3% of total 海角视频 manufacturing exports.
The region has a low exposure to the EU compared to other 海角视频 regions with 45.2% of exports going to the bloc, followed by Asia with 18.4%.
Manufacturing in the South West - key facts
The South West accounts for 7.8% of total manufacturing output.
Industry accounts for 11.2% of the regional economy overall, slightly above the national average of 10%.
227,000 manufacturing jobs, 7.6% of the Region鈥檚 total workforce.
South West accounts for 6.3% of 海角视频 total manufacturing exports.
The EU whilst the largest market is low compared to other 海角视频 regions, indicating a diverse spread of export destinations.
The diversity of export markets for South West manufacturers is highlighted by the importance of the Middle East and North Africa which account for almost a tenth of exports (9.9%).
Jim Davison, director of member engagement for Make 海角视频 in the South West, said: 鈥淭he report shows that industry continues to have a central role to play in the success of the South West economy. The last year has seen a strong performance, despite the uncertain political environment and global markets.
鈥淭here are well documented challenges going forward, not least Brexit and the global economic downturn.
South West manufacturing news
鈥淒espite this, however, those companies who invest and innovate will still have the best long term prospects and can contribute to raising the productivity performance of the region and the 海角视频 as a whole.鈥
Matthew Sewell, head of manufacturing at BDO in the South West said: 鈥淚t is positive to see the region鈥檚 manufacturers maintaining a healthy position despite challenging times.
How to contact William Telford and Business Live
Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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鈥淗owever, companies are already holding back on investment as a result of the prolonged period of Brexit instability and risk lagging behind their global competitors when it comes to the uptake of industry 4.0 processes and technology.
鈥淚t will be difficult for many manufacturers to regain lost ground in these areas particularly as digital transformation picks up pace.
鈥淭he contribution to the overall 海角视频 economy by manufacturers in the South West should not be underestimated.鈥
