Manufacturing companies in Wales and the rest of the UK have been encouraged by research showing that the perception of goods being built in Wales and the UK is of a very high standard.
New research undertaken by Barclays Corporate Banking shows that overseas consumers are prepared to pay more for products “Made in Britain” including those made in Wales!
It is thought that the “Made in Britain” brand could be worth over £2bn.
The report found that products with a ‘Made in Britain’ label, which have been made in England, Scotland or Wales, command a “considerably higher” price when sold abroad, particularly in new and emerging markets.
Over 50% odf the respondents to the survey said that their perception of the quality of British goods was ‘good or very good’.
Rebecca McNeil, head of business lending at Barclays Corporate Banking, said: “While British businesses are currently reliant on the EU and the USA for the majority of their exports, they are well placed to expand into new and emerging markets.
All good news for business in Wales especially for the manufacturing sector producing quality goods for the export market.