Member Article

Exports from the North East rise by over £140 million

Around £3.1 billion worth of goods were exported from the North East between January and March this year - a £141 million rise on the same period last year, HMRC stats show.

Figures also showed a rise in the 12-month rolling total from £11.58 million to the end of December 2013, to £11.723 million in the 12 months to the end of March - the second highest of all English regions.

Exports to Canada, Cyprus and Pakistan showed the most substantial increases.

Exports from Canada are now at £224.22 million, up by 31.9% on this time last year, while exports to Cyprus are now at £11.5 million, up by 29.45% on last year, and exports to Pakistan are now at £6.27 million up by 21.2% on last year.

The Netherlands remains the largest single market for North East goods with a 12 month export value of £1.62 billion up to the end of March 2014.

The region’s other top markets are: USA at £928 million, France at £886 million, Spain at £794 million and Russia at £729 million.

The fastest growing markets for the North East for the year ending March 2014 were: Hungary at £91 million following a 346 per cent increase of £70 million; Belgium at £498 million following a 162% increase of £309 million; Morocco at £51 million following an 32% increase of £12 million and Finland at £162 million following a 53% increase of £56 million.

The region’s top five industry sectors in the last 12 months were: Road vehicles (including air cushion vehicles) £4.684 billion (-£248 million or -5%) although there was a £116m increase from Q4 2013 to Q1 2014; medicinal & pharmaceutical products £1.416 billion (-£564 million or -29%); iron & steel £1.245 billion (+£116 million or +10%); organic chemicals £795 million (-£15 million or -2%) and specialised machinery £576 million (+£48 million or +9%).

David Coppock, UK Trade & Investment (UKTI) regional director, said: “Trade within the Commonwealth is estimated at £300bn a year and the Games will provide further opportunities to boost this trade.

“The latest statistics show the North East continues to overcome economic hurdles and rise to the challenge to grow.”

This was posted in Bdaily's Members' News section by Tom Keighley .