Manufacturing exports are on track to give a £15.3bn boost to the South West economy this year, new research shows.

The Barclays Corporate Banking Export Dividend reveals that four out of five firms with ten or more employees are exporting.

But it also shows an appetite for more businesses to join them. The majority - 90% in the South West - aim to start selling overseas next year.

That could boost the local economy by an additional £119m.

Richard Craven, manufacturing industry director at Barclays Corporate Banking, said: "The British manufacturing sector, like many others, has endured a tough year and around a third of our research respondents have been impacted by higher labour costs, higher material costs and other supply chain issues.

"However, exporters, more than most, have weathered the storms and are enjoying strong demand for their products in markets all around the world."

Research shows manufacturing exports will have brought in more than £176bn to the UK economy, with the food and drink sector accounting for 19% of this value and the automotive sector 12%.

Confidence for 2022 is high, with 88% of exporting businesses and 71% of non-exporters upbeat about growth next year

The US and European countries remain key markets, but Canada, India and Latin America also feature highly for both current and potential exporters.

Mike Freer MP, Minister for Exports, said: "The international opportunities for UK businesses are constantly growing and manufacturers stand to reap significant advantages from our independent trade policy. We have already agreed trade deals with over 70 countries plus the EU, accounting for £766 billion of bilateral trade in 2020 alone.

"2022 will be a 5-star year for UK trade, with ambitions for 80% of UK trade to be covered by existing and new trade agreements by the end of the calendar year."