East England companies lead growth in UK exports
Latest figures released by HM Revenue & Customs show that the East of England leads nationally in the growth of exports to countries outside the European Union, with a 19.4 per cent rise in the year to September 2012 at £11.5 billion – accounting for an increasing 42 per cent of the region’s overall exports.
The recent figures show that the region’s trade with countries such as the USA, China, Hong Kong, Australia, the Middle East and other parts of Asia is growing strongly. Exports to many of these markets are enjoying double digit growth e.g. exports to USA up 18.1 per cent, Hong Kong up 38per cent as companies seek new business in high growth markets.
The region is also set to share in the benefits of an extra £70 million funding for UK Trade & Investment (UKTI) announced in the Autumn Statement to help deliver a package of support to get more companies exporting.
According to the latest quarterly figures, overall exports from the East of England are up 3 per cent in the year to September 2012. This is due to a 6.3 per cent dip in exports to European countries when compared to the same period last year.
Top export partner for the region is still Germany but regional exports to the country have dipped slightly year on year but are still valued at £3.5 billion.
Trends show that the USA is set to overtake Germany as the East of England’s biggest export market in the near future. Third biggest market for the region is France and exports are up 5.7 per cent at £2.82bn.
Elsewhere, exports to Asia and Oceania are up 16.6 per cent at £3.7 billion, while those to the Middle East are up 21 per cent at £1.1 billion. Exports to Southern Africa are up 92 per cent at £829 million.
"The East of England’s export performance remains strong with the annual total for exports of goods at £27.4 billion in the 12 months up to September 2012" said Liz Basing, regional director for UKTI.
"We know we’re facing a tough time at the moment, especially when it comes to exports to Eurozone countries, so we need to continue our efforts to boost overseas business."
