EXPORTING to the Far East has helped North East manufacturers tackle the financial downturn, according to a business advisory firm.
Figures from Deloitte show that in the first three quarters of 2011, 250 companies entered administration. However, this year has seen the figure drop to just 208 in the same period. The improvement is in part due to the growing success of exporting beyond the Eurozone.
David Frith, manufacturing partner in the North East, 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.”
Exports to Asia and Oceania rose from £345million, in the second quarter of 2011, to £422million, in the same period this year.