UK manufacturing growth slows due to delays in Brexit process

Release time:

2019-05-08

According to a survey by IHS Markit, a data analysis company, and the Chartered Institute of Procurement and Supply (Cips), the purchasing managers' index (PMI) of purchasing manufacturing reached a 13-month high of 55.1 in March, but fell to 53.1 in April. Manufacturing exports and overseas orders in April showed the second fastest decline in four and a half years.

The reason is due to the delay in the Brexit process: on the one hand, the original British domestic industry has begun to prepare for Brexit on March 29, and there has been a general situation of hoarding. However, as soon as the news of Brexit was delayed until October, the hoarding situation began to be significantly eased; on the other hand, the uncertainty of Brexit has also caused many overseas customers to move their trade supply chains out of the UK, in order to reduce the dependence on the United Kingdom, including from important trading partners such as the European Union, the United States, and China, the demand for exports to the United Kingdom has gradually decreased; at the same time, the slowdown in world economic growth has also reduced overseas orders. Under these conditions, economists predict that the economic growth of the British manufacturing industry will continue to decline in the next few months.

India's raw cotton imports are expected to soar by 80% this year.

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