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Mixed fortunes for North East exports

The first quarter of 2009 has revealed mixed fortunes for the North East’s international trade performance.

Latest statistics, based on figures compiled by HM Revenue and Customs, showed that in the first quarter of 2009, up to the end of March, just under £2.24 billion worth of goods were exported from the North East, compared to £2.5 billion in the previous quarter up to the end of December 2008 - a fall of 10.25%.

But the rolling figure for the total value of goods exported from the North East in the 12 months up to the end of March 2009 was 5.08% higher than the previous 12 months, £10.8 billion compared to £10.2 billion a year earlier. The figure for the UK overall was a growth rate of 7.22%.

The key sectors for exports in the North East were road vehicles; medicinal and pharmaceutical products; petroleum, petroleum products and related materials; organic chemicals and power generating machinery and equipment.

The USA remains the single largest destination by value for North East goods, but other growth markets included the Netherlands, Belgium and India.

David Coppock, UK Trade & Investment’s International Trade Director, said: “The figures have clearly shown a fall in the value of exports from the North East, which peaked at the end of the third quarter of 2008. In the current economic climate this was not unexpected and there may well be further losses to come.

“But there is optimism that the economic situation is improving and we are keen to encourage companies in the region to ready themselves to take advantage of the opportunities that will arise when the economy picks up.

“Companies should also be taking advantage of a lower Pound against the Euro in sales activity.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .