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North East export levels remain at record high despite dip

Export levels in the North East have remained at a record high despite a dip in the last quarterly figures.

Figures released by HM Revenue and Customs show that exports in Q2 were lower than Q!, but despite this they still totalled £3.112 billion.

The 12 monthly totally was up to a record £12.904 billion, a 21 percent increase on the previous 12 months, six percent higher than the national average.

David Coppock, UKTI regional director for North East commented: “There has been a dip in the latest statistics but this follows our two best ever quarterly performances and at £3.112 billion it still represents our third highest quarterly total, which is excellent news.

“It reinforces the fact that there is still a strong demand around the world for North East products, and as we celebrate 25 years of Nissan in the North East, it is gratifying to see that the automotive sector continues to be the strongest sector for exports for the region, and enjoyed 40 percent growth.”

The fasted growing single market was Russia, where exports to the country increased by £591million. The USA remained the largest single market for North East goods, with a 12 month export value of £2.08 billion.

Mr Coppock added: “Evidence has shown that there is a positive link between innovation, research and development and exporting: companies that are innovative and invest in R&D are more likely to export and benefit from exporting, while exporting drives innovation and R&D through increased competition and access to new markets.

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