Partner Article

North West exports fall despite emerging market successes

Exports out of the North West totalled £25.2bn last year but dropped by 5%, according to the latest figures from HM Revenue and Customs.

Despite disappointing figures, trade in emerging markets was fruitful, with exports to China rising in value by 9% to £1.6bn, making it the region’s third biggest market.

India, Brazil, the Middle East and North Africa were also named as top countries for traders in the North West, while exports to Greater China, including Taiwan and Hong Kong, reached £2bn for the first time ever.

Exporters also saw significant growth in the Netherlands, where exports increased by over 10% to £1.3bn in the past 12 months.

Despite these successes, UK Trade and Investment (UKTI) attributed the overall export falls to poor performance in the second quarter in 2012.

Exports to the European Union were down by £1bn, and by 9% to the U.S. to £4.2bn.

UKTI North West’s deputy director, Mike Eccleshall, said the figures should act as a “call to action” for the regions firms.

He commented: “Although it is disappointing that exports have declined overall since last year, the region is still the country’s fourth biggest exporter, after London, the South East and East regions, with the chemicals, machinery, transport and materials sectors bringing in the highest levels of investment.

“We need to remember that exports in the North West enjoyed a record year in 2011, and despite the fall this year there are still positives when you look at the detail, such as the increase in sales to China, now making this our 3rd biggest export market.

“In fact, we are also seeing increased export sales to other high growth markets across Latin America (up 8%) the Middle East and North Africa (also up 8%) and Asia and Oceania (up 2%). Sales to Brazil are also up 1% to £170 million, and exports to India are back on the increase after a fall in 2011, rising 1% to £362 million.

“These are the world’s growing economies, which offer tomorrow’s opportunities, so it is very encouraging to see North West companies already succeeding in them.”

This was posted in Bdaily's Members' News section by Miranda Dobson .