Member Article

Strong EU trade sees North East exports rise £250m on Q3 last year

The North East has enjoyed a strong third quarter of the year for exports with the latest figures totalling £3.16bn, up £250m on the same period last year.

Unsurprisingly, the EU remains the top destination for North East exporters. Up 10% on the previous quarter, 60% of exported goods and services made by the region were to Europe.

Non-EU exports totalled £1.24bn, up from Q3 2016, but lower than previous years, and the previous quarter. The most valuable destination outside the EU in Q3 2017 was Asia & Oceania, worth 32% of non-EU exports.

Overall, North East exporters made up 3% of UK exporters and 3.9% of national exporting value, while North East made up 2.9% of UK importers and import value. Machinery and transport goods represented the majority of the exports at 55%.

Imports to the region totalled £3.31bn in Q3 2017, an increase of 2% on Q2 and 4% from the same quarter last year.

Furthermore, the number of individual exporters to the EU market dropped marginally in the quarter, but remains higher than previous years.

Jack Simpson, policy adviser, North East England Chamber of Commerce said: “While growth has been positive, it has been in the predictable and established markets.

“To help boost global trade, it is essential that the Government encourages and supports business in their exporting missions.

“This will help business access new global opportunities, and promote growth and innovation in their sector.

“It is really positive to see the North East continue to grow in these globally uncertain times, but we believe with the right support, these figures could be even better.”