Posted on Tuesday 4 June 2019 by John Mulgrew
A major Northern Ireland food manufacturer has stockpiled more than £1m of goods in the Republic of Ireland amid concerns of tariffs being imposed with a hard Brexit, Ulster Business can reveal.
The manufacturer, which has its base here, had stockpiled more than £1m in food stock for its market in the Republic amid border concerns, and is now left with huge levels of products in a warehouse, with the exit from the EU now not likely until Halloween.
The issue of stockpiling among Northern Ireland manufacturing is understood to be one of the drivers to the sector witnessing an increase in production and output in the last two months, according to business barometers such as the Ulster Bank purchasing managers’ index.
Across the sector globally the growth of the manufacturing sector has slowed closer to stagnation, sitting at 50.7 in January (where 50 is no growth) according to the JP Morgan Global Manufacturing PMI.
In the latest Northern Ireland index for April, Ulster Bank chief economist Richard Ramsey said: “As in March, manufacturing remained the only sector to record an expansion in output. Renewed weakness was evident within services, retail and construction. All three of these sectors signalled a significant decline in activity in April.”