It is no secret that many manufacturing businesses are struggling these days, thanks in large part to global free trade deals that have removed tariffs from imported products. This has left our local industry in a state of shock where they are struggling to adapt to this changed environment and find that the volatility of the global economy is having a deep impact on their business.
Contributing to British Industry
As an example, just look at the knitted accessory manufacturers in this country. The best knitted accessories manufacturers in London have taken full advantage of cheap product imports from overseas markets. This has allowed them to manufacture end products that are cheap to buy because they use cheaper overseas products. In this context of global operation, such an industry provides the following benefits:
- Accessories that are cheaper than their historical counterparts due to the fact that bulk raw material can be imported without tariff restrictions and extra taxes
- A wider range of products using a much wider range of materials, including acrylics and the latest metallic and reflective yarns
- The financial capacity to also support the local wool industry due to a superior profit structure
- The financial capacity to support ethically-derived wools and other raw materials
The Customer Wins
The fact is that a healthy local manufacturing sector that has the ability to adapt and take advantage of the lower prices of raw materials can also pass on these savings to customers. The real benefit is that these savings ensure that customers support local companies and contribute to the economy.