NW exports fall 5% to £25.2bn
EXPORTS from the North West in 2012 were £25.2bn – a 5% decrease on the previous year despite overall UK exports showing a slight increase of 0.3% to £269bn.
The North West’s £1.26bn decrease was mainly down to a poor second quarter, according to new figures from HM Revenue & Customs.
Exports to the EU fell by £1bn to £12.7bn, and the US, although still the region’s biggest market, also fell by 9% to £4.2bn.
However, overall exports to China, India, Brazil, the Middle East and North Africa all grew – with exports to China increasing by 9% to £1.6bn, making it the North West’s third biggest market, after Germany and the US.
Indeed, the region’s exports to Greater China (including Taiwan and Hong Kong) smashed the £2bn barrier for the first time ever.
The biggest success story for the region was the Netherlands, which saw exports rise over 10% to £1.3bn, making it the North West’s fifth largest market.
Mike Eccleshall, deputy director of UK Trade & Investment (UKTI) North West , said the figures should act as a call to action to the region’s firms.
He said: “Although it is disappointing that exports have declined overall since last year, the region is still the country’s fourth biggest exporter, after London, the South East and East regions, with the chemicals, machinery, transport and materials sectors bringing in the highest levels of investment.
“We need to remember that exports in the North West enjoyed a record year in 2011, and despite the fall this year there are still positives when you look at the detail, such as the increase in sales to China, now making this our 3rd biggest export market.”
He pointed to increased export sales to other high growth markets across Latin America (up 8%) the Middle East and North Africa (also up 8%) and Asia and Oceania (up 2%).
Sales to Brazil are also up 1% to £170m, and exports to India are back on the increase after a fall in 2011, rising 1% to £362m.
Mr Eccleshall said: “These are the world’s growing economies, which offer tomorrow’s opportunities, so it is very encouraging to see North West companies already succeeding in them.”
