Recession - What Recession?
The global financial crisis has hit almost all industries and sectors. One industry relatively unscathed is translation services. We are tempted to ask: Recession – what recession?
Record business for Better Languages
We know that many businesses and individuals are suffering as a result of the current recession. However, we have achieved record levels of business in the second quarter of 2008.
Demand for translation services was the highest ever for the company resulting from a combination of increased orders from existing clients, and winning new translation business from new customers.
Mike Hunter CEO reported that “demand for translation services continues to rise. Many businesses are looking to sell more in overseas markets. We have had new enquiries from the US, from companies seeking to expand in European markets. Existing customers are also looking at new markets. This year we have translated more into Simplified Chinese, Arabic and Russian than any other languages.”
There is a definite trend towards emerging markets. We translate a lot of Brazilian Portuguese, as well as Vietnamese, Thai, and Indonesian. Within Europe, there is a trend towards the more recent accession states, notably Poland, Hungary and the Czech Republic, as well as Baltic languages.
Translation industry growth
There are always winners and losers in any economic environment, but globally, the translation industry remains buoyant. Hardest hit translation companies appear to be those focused on narrow vertical sectors which are most affected. An obvious example is the construction industry, which is suffering in many countries.
So – recession what recession?
We are hit in some ways. The lower value of the pound means that we are paying more to translators outside the UK. We pay lots of suppliers in USD or Euros. We have several clients who are having a hard time. Our retail customers remain strong though, and we expect demand for our services to continue to grow.