I could even say ‘export or die’. Predictions are bound to have huge error bars, but we know certain facts about UK technology and engineering business:
- The UK is the 22nd most populous nation, with 0.9% of the world’s population
- We have the 7th largest nominal Gross Domestic Product (GDP) at 3.5% of the world’s output
- We are still the world’s 6th largest manufacturing economy
- The US, Europe and Asia are our main trading partners, with the US alone accounting for 30-50% of global demand for many technology products and services.
- The world economic outlook forecasts 2012 GDP growth of 1.6% in the UK
Compare the following forecasts
- EU 1.4% (including Germany at 1.3%)
- US 1.8%
- China 9.0%
- India 7.5%
- Emerging Economies as a whole 6.0%
- Worldwide 4.0%
The nature of technology is that it sees no national boundaries – your business should be born global. Technology products and services can be sold worldwide with adaptation to local customer preferences.
Qi3’s recent survey of the instrumentation industry showed clearly that those companies which invested in export sales have performed better in today’s turbulent economic environment. They have a broader exposure to demand in the growing economies, especially in Asia.
So what will you do to increase your exports in 2012?