LONDON (Reuters) -The downturn in British factory orders eased only slightly in April, with new export business sliding sharply amid a global trade war, the Confederation of British Industry said on Thursday.
The CBI’s monthly balance for manufacturing new orders rose this month to -26 from -29 in March. While marking a five-month high, it still signalled a sharp contraction.
The export orders index sank to -41 from -29, its lowest level since September 2024. A survey from S&P Global on Wednesday also showed a severe drop in business from abroad, with tariffs levied by the United States a key factor.
“Manufacturers still seem gloomy about their prospects amid rising costs, an expected decline in new orders and heightened uncertainty around global economic conditions,” said Ben Jones, lead economist at the CBI.
Extra quarterly questions published in the latest survey showed rising cost pressures and subdued investment intentions.
“The combination of financial pressures, market instability and falling confidence is leading manufacturers to cut back employment and investment, with plans for spending on buildings, equipment, innovation and training all taking a hit,” Jones said.
(Reporting Andy Bruce, editing by David Milliken)
