Posted: 17/12/12 by Northamptonshire Chamber
Latest figures released by HM Revenue & Customs show that exports from the East Midlands reached another record high for the 12 months to the end of September 2012, bringing the annual total up to a record £13.5 billion.
The figures show the East Midlands’ rate of growth has slowed but is still more than £500 million ahead of this time last year.
The region is also set to share in the benefits of an extra £70 million funding for UK Trade & Investment (UKTI) announced in the recent Autumn Statement to help deliver a package of support to get more companies exporting.
The export statistics show that non EU exports now account for 57% of exports from the East Midlands. Exports to Asia and Oceania are up by £500 million to £3.1 billion – a new record. Exports to the Middle-East and North Africa are up by 24%. Exports to the EU are down by £455 million.
Peter Hogarth, Regional Director for UK Trade & Investment East Midlands, said: “Despite a slowing of overseas sales, the East Midlands’ exports are still on track to be significantly higher than last year, with the export of goods at a high of £13.5 billion in the nine months up to September 2012.
“We are over £500 million ahead of where we were at this time last year, despite a modest fall in sales to the EU but with fast growth elsewhere, including North America and Singapore - who have become our third highest export partner due to a 46.4% increase in export value over the last 12 months.
“However, we know we’re facing a tough time at the moment and we need to continue our efforts to boost exports.
“That is why UKTI’s annual budget has been increased by £70 million a year for 2012/13 and 2013/14 while £30 million has also been allocated to continue the highly successful GREAT campaign started ahead of the Olympics. This will enable us to deliver an ambitious package of support designed to get more SMEs exporting, help UK companies access the highest value trade opportunities and reinforce the UK as the location of choice for Europe-bound investors.
“This investment reflects how important international trade is to the Government. Exports are vital for economic growth and the increased UKTI funding announced today will provide a further boost to help local businesses export and help us meet the National Challenge; to create more new exporters in the region that ever before – an additional 8,000 by the end of the decade.
“The increased funding will help UK companies access the highest value trade opportunities and reinforce the UK as the location of choice for investment.”
To get free help and advice on how to win overseas orders call the East Midlands International Trade Hotline on 0845 052 4001.
You can follow UKTI on Twitter @ukti_phogarth and @ukti_emids.