Milton Keynes firms have seen a significant increase in export activity, according to the latest Quarterly Economic Survey just released by Milton Keynes Chamber of Commerce.
Despite the uncertainty of Brexit, the business barometer for quarter two of 2019 saw a dramatic upturn in overseas sales with the net balance of firms that filled in the questionnaire recording a growth of 20 percent.
Overseas orders followed the same trend, with a steep uptick in the net balance of respondents experiencing an increase, moving from -20% in Q1 to 5% in Q2.
The large majority of firms recorded that domestic sales and orders had remained constant over the past three months, with trend following that of Q1 - the underlying pace of UK activity has slowed.
Just 16% of respondents saw an increase in domestic sales – three per cent less than the last quarter.
Respondents recorded that in the last 3 months, they saw workforce growth of 22% and the same percentage recorded that they anticipate to recruit further over the next quarter despite more than a third of all respondents experiencing recruitment difficulties, particularly in professional and managerial roles.
Milton Keynes Chamber chief executive Paul Griffiths said: “The overseas market has proved that the Milton Keynes business community remains resilient and positive and, despite the uncertainty, businesses are still looking to expand their workforce.
“But the past few quarters have shown that the overseas market in Milton Keynes remains very volatile.
"Milton Keynes businesses have seemed to buck the national trend seeing a recovery in their export market, whereas many businesses up and down the country are facing a decline in their overseas market due to the fluctuating strength of the sterling against the backdrop of an uncertain political atmosphere.”
Milton Keynes Chamber’s QES is part of the biggest and most representative survey of its kind in the UK.
QES data is used by the Bank of England to inform interest rate decisions, by the Treasury to help formulate economic policy and by international finance institutions to assess the UK’s economy.
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