Manufacturing - making up

摘要

Manufacturing experienced a sharp recession in the early years of this decade, with output falling by four per cent between 2000 and 2003. While there are many and varied reasons for the downturn, movements in the exchange rate were undoubtedly a factor. The pound strengthened substantially against its main trading partners in the late 1990s, weakening the competitiveness of UK exports. The situation was exacerbated by the 9/11 terrorist attacks, which had ripple effects on the world economy that further set back demand from key trade partners. Meanwhile, low-cost countries, such as China, India and those in Central and Eastern Europe started to become major players as sources of low cost goods.