Exports buoying Coventry & Warwickshire economy

Coventry and Warwickshire’s economy is remaining buoyant on the strength of its overseas trade, the area’s chamber of commerce has said.

The area is responsible for the highest value of exports in the country outside of London.

Dave Ayton-Hill, Economy & Skills Manager at Warwickshire County Council, told business leaders said the strong performance was responsible for continuing optimism in the region.

Speaking at the release of the chamber’s Q2 economic survey, he said: “The Coventry & Warwickshire economy remains strong and buoyant, and high levels of business confidence bodes well for the future months.

“Business confidence in the region is extremely high, with 73% of manufacturers and 63% of service sector respondents believing their turnover will increase in the next three months.

“Key to our economic performance is our strength in exporting. Coventry and Warwickshire has the largest value of goods exported overseas – £17.8bn last year – of all Local Enterprise Partnership areas in the country, aside from London, with two-thirds of this to non-EU countries.

“The area is performing well in comparison to other areas of the country against a backdrop of continued uncertainty, which is extremely positive to report for the region.”

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said that with more than 500 responses, the QES was an accurate barometer of the region’s economy.

“The feeling (is) that while we are still very much operating in uncertain times, particularly in regards to Brexit, the majority of businesses in the region are taking a business as usual approach,” she said.