Partner Article

Exponential growth for regional exports

Exports from the North East have grown at record levels, the latest figures from HM Revenue and Customs have revealed.

North East businesses boosted their export levels by an average of 33.5% compared with the same first quarter (Q1) of last year – double the UK average of 17.4%.

In Q1 2011, the value of North East exports was £3,402m (up 1.8 per cent on Q4 2010). The UK export market value increased by 1.6%.

This increase in exports has been attributed to innovative business solutions in the region, which are proving popular abroad.

Companies such as Multichem are reaping the benefits of overseas demand, and has seen a 20% increase on its sales.

Rob Nirsimloo, Chief Executive at Multichem said: “Its great news to hear that the North East’s export performance is continuing to grow – it proves opportunities are out there and by being innovative and investing time and resources into new markets, companies can win new business.”

Despite these figures however, more work is needed to ensure that this positive growth trend continues. The UK Trade and Investment (UKTI) have launched a new strategy, which will offer a more entrepreneurial approach to expansion.

UKTI International Trade Director David Coppock said: “The region has enjoyed another record export performance this quarter and proves that there is still a strong demand around the world for North East products.”

Ross Smith, head of policy at NECC, said: “This is a tremendous performance by North East businesses. It shows how the region is playing a critical role for the UK as a whole in trying to achieve the rebalancing of the economy that the Government is looking for.

“Our strong international trade record shows that we have reasons to be positive about the strength of the recovery in the North East.”

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