British manufacturers' order book balance dropped in the three months ended October to the lowest level in three years, survey figures from the Confederation of British Industry showed Monday.
The order book balance fell to -8 percent in the three-month period to October from +9 percent in the July quarter. The latest figure was the weakest since October 2012, when it was -13 percent.
About 15 percent of firms reported an increase in export orders in the three months ended October, while 33 percent signaled a decrease. As a result, the export order balance dropped to -17, which was the lowest rate since October 2012.
Despite this, firms have signaled that they expect overall conditions to stabilize over the next quarter, the agency said.
"Manufacturers have been struggling with weak export demand for several months, because of the strength of the pound and subdued global growth. But now they're also facing pressure back home as domestic demand is easing," Rain Newton-Smith, CBI Director of Economics, said.
"While on balance firms expect orders to stabilise next quarter, it's disappointing that firms are having to scale back their investment in innovation."
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