Exports from the region reach a record high
GOVERNMENT figures have revealed that exports from West Midlands firms reached a record high of £7.6bn during the final quarter of 2014, up by nearly £100m on the same quarter last year.
HM Revenue & Customs data shows that for the year 2014, West Midlands exports reached £28.6bn, an increase of 5.8% on the previous year. The West Midlands is now the third largest exporting region in the UK.
The figures show that the West Midlands continues to lead the field in exports to China. In 2014, West Midlands exports of goods to China were worth £5.3bn – an increase of 32% on 2013. Yet again, the West Midlands is the only region running a trade surplus with China.
This upward trend could be set to continue following the deal announced this week at the GREAT Festival of Creativity in Shanghai, China, between Birmingham Airport, Hainan Airlines and Chinese tour operator Caissa Touristic.
The deal will see the launch of a series of 17 return Beijing-Birmingham flights this summer, creating £19m for the Birmingham and wider West Midlands economy.
These flights form part of a long-term plan aimed at scheduled flights from China to Birmingham.
The HMRC figures also show that West Midlands exports continued to grow to Asia and Oceania (£7.8bm), EU (£11.4bn), Middle East and North Africa (£1.8bn) and North America (£4.8bn).
UK Trade & Investment regional director Paul Noon said: “These are once again extremely impressive figures for exports from the West Midlands.
“Our companies continue to lead the way in terms of breaking into new markets around the world and we are well on our way to meeting the national economic challenge of doubling the value of exports by 2020.”
“The EU remains the largest single market for West Midlands goods with sales over the last 12 months, worth £11.4bn. However, the opportunities provided by China continue to be enormous, with the Beijing-Birmingham flights making this market even more accessible for local firms.”
