North East leading the way in overseas sales
by WIN Admin — published in Press Releases
THE North East saw the fastest rate of growth in overseas sales in the country during the second quarter.
Figures announced by HM Revenue and Customs (HMRC) show that the value of North East exports during the period was £2.9 billion, which is the second highest quarterly value ever recorded and is up 16.7% on the first three months of the year, and an increase of 35.5% on the same period in 2009.
The report shows that the West Midlands saw the second biggest increase in export activity, up 14.3% on the first quarter, with London recording a 5.3% drop.
The total value of goods exported from the North East over the last 12 months grew by 6% to reach £10.64 billion, which is 2% more than the average growth for the rest of England.
The value of exports to EU markets has recovered to around the levels recorded in early 2008, while exports to non-EU destinations have reached 45% of the region’s total export value.
Much of this growth can be attributed to a recovery in machinery and transport manufacture, which the HMRC report suggests is nearing export levels seen prior to the global downturn.
The figures will be welcomed by the region’s exporters, as they follow a report from the Office of National Statistics showing that the deficit on the UK’s global trade in goods rose to £8.7 billion in July - much higher than expected after a surge in imports of chemicals and oil.
David Coppock, international trade director at UK Trade and Investment, said: “These latest figures give us grounds for being cautiously optimistic, as the annual trend looks to be solidly upwards at present.
“The North East has a strong export tradition, and while it’s still a little too early to tell whether this improved picture is a significant long-term pattern, businesses should continue to put themselves in the best possible position for growth by looking for overseas opportunities. We at UKTI will continue to work with partners and with companies to ensure that this recent good form in export sales continues.”
Andrew Sugden, policy director at the North East Chamber of Commerce, said: “The North East has always has a good pedigree when it come to exports, so it is no surprise that it is the first to benefit once conditions start to improve.
“Nissan in Sunderland has had a very successful year, which reflects the high number of cars that have been exported out of the North East in recent months. It is clear that many firms involved in the region’s export market have positioned themselves well.”