Firms hit by trade crisis; CITYDESK.
THE global slowdown has hammered UK manufacturers, research suggests.
A Confederation of British Industry survey found 18 per cent of firms saw trade pick up this month - but 33 per cent suffered a fall.
The 15 per cent balance worsened from seven per cent in December.
Rain Newton-Smith, CBI director of economics, said: "Uncertainty around the prospects for global growth, uncompetitive energy costs and the strength of the pound have all played their part in UK manufacturers finding conditions tough when trying to sell overseas."
The figures emerged as a key measure of global trade dropped to a record low, amid concern about the fallout from China's slowing economy.
The Baltic Dry index, which measures the cost of shipping dry commodities such as coal and steel, dropped to 354 yesterday, from more than 1100 last August. Figures on Thursday are expected to show the UK economy grew 0.5 per cent in the final three months of 2015.
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|Publication:||Daily Record (Glasgow, Scotland)|
|Date:||Jan 26, 2016|
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