Strong pound dents factory export figures

Scottish exporters were hit by a strong pound combined with uncertainty over the eurozone. Picture: John Devlin
Scottish exporters were hit by a strong pound combined with uncertainty over the eurozone. Picture: John Devlin
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MANUFACTURING export orders plunged to their lowest level for more than two years in March as they faced the double whammy of a strong pound and eurozone uncertainty, figures from the CBI showed yesterday.

The findings came ahead of a report today showing that the Scottish economy slowed down sharply at the start of the year but is still expected to return to growth in the coming months.

The CBI survey found that just 10 per cent of respondents said orders were above normal, with 35 per cent saying they were below, giving the lowest balance since January 2013.

The Bank of Scotland’s latest business monitor for the three months to February saw the worst result for turnover in 21 months, suggesting the Scottish economy experienced a sharp jolt to growth at the start of this year. Turnover in the production sector was down significantly while the services sector also showed a sharp slowdown.

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