Far East exports boost business

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A DRIVE for sales in the Far East has helped Yorkshire’s manufacturers to defy the recession.

Business advisers and accountancy firm Deloitte says a 30 per cent increase in exports to Asia during the past 12 months is one of the reasons why fewer manufacturers from the region have hit financial problems, despite being hit by a double dip recession.

Deloitte adds that the rise has been bolstered by companies investing in research and development and high value manufacturing.

Latest government figures show Yorkshire exports to Asia and Oceania – Australasia, the South Pacific and the Malay archipelago – rose from £387 million in the second quarter of 2011 to £505 million for the same period this year.

Simon Manning, head of manufacturing at Deloitte in Yorkshire, said: “By keeping tight control over costs at home and growing profits overseas, the manufacturing sector has been able to weather the recession better than other areas of the economy such as high street retailers.”