Q2 data released by accountants BDO earlier this week has shown that UK export growth has now outperformed that of French and German counterparts for five consecutive quarters.
The weaker pound, along with a strengthening global economy, has boosted sales, with export growth remaining well above the long-term trend in the 12 months since the EU referendum.
The report states: "The latest quarterly survey reports that the momentum in manufacturing activity seen at the start of 2017 continued into the second quarter, although at a slightly more moderate pace. The balance of companies reporting growth in output and orders slipped back from last quarter’s multi-year peaks. Nevertheless, both components remain firmly anchored in expansionary territory and significantly higher than the levels prevailing over the past two years. The strength in demand is prompting manufacturers to expand capacity with further employment gains this quarter, while investment intentions remain positive, but down on the previous three months.
"Manufacturers have continued to report a solid intake of new orders from the domestic market over the past three months. However reasons for optimism about the domestic market have now been overtaken by opportunities in the rest of the world. Last quarter saw the largest quarter on quarter gain in the export balance in the survey’s history. And in the most recent three months the balance of companies increasing their export sales advanced further."
The British economy received another major boost with the announcement that Jaguar Land Rover plans to hire 5,000 engineers and technical staff over the next 12 months as it seeks to ramp up the development of self-driving and electric cars.
Meanwhile, aero-engineer Rolls-Royce is expecting a £50million profits boost this year due to the devaluation of the pound. The company said its revenues will increase by £400million after overseas dollar sales are translated back into pounds.