North East exports up £250m in Q3
The total value of North East exports in the last year has risen by 2.05%, according to the latest quarterly export figures released by HMRC for July to September 2015.
£2.915 bn worth of goods were exported from the region, an increase of £250m on the same period last year.
The Netherlands remains the largest single market for NE goods, with a 12-month export value of £1.607bn.
Moreover, the North East remains the only UK region with a consistent positive trade balance of £3.69bn.
David Coppock, UK Trade & Investment (UKTI) Regional Director, said: “I am encouraged by the increase in value of exports to our top markets and the continued strength in sectors such as Medicine and pharmaceuticals. Relatively new markets such as essential oils and perfume materials showed a spectacular rise of 1,058% year on year.
“I am convinced that there are potentially many more North East businesses with exciting and rewarding export journeys to start and I would urge them to get in touch with us to see how we can help.”
On of the exporters helping to produce such results are Middlesbrough-based retail success story, Psyche, which is working with UK Trade and Investment (UKTI) to explore export e-commerce markets, looking particularly at opportunities in China, New Zealand and USA.
The company has its flagship Linthorpe Road store and an increasingly successful online presence and is looking to expand overseas.
Steve Cochrane, Psyche’s managing director, explained: “I’ve always believed that the key to business success is constantly evolving. Looking at markets overseas to expand our e-commerce business could potentially help us grow even further.
“Having the support of experienced advisors who can help you decide which markets to target and give advice on the differences in business culture and approach is really helpful.
“We attended a really useful seminar organised by UKTI which really helped with practicalities such as tax, delivery, insurance etc and as a result have just launched on international web markets in USA and New Zealand.”
He added: “In addition we have a market visit to China planned with UKTI later in the year which I’m hoping will deliver leads, new business relationships and contracts. South America and the Middle East are target markets for us too.
“Our overseas business has allowed us to employ 79 people in the North East, just to fulfill new orders coming in through e-commerce.”
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