Exports from East Midlands rise by 15 per cent

New figures from HMRC have revealed that the value of exported goods by companies in the East Midlands rose by 15 per cent in the first three months of 2017 versus the same period last year.

In the three months to the end of March, exports from East Midlands-based companies reached £4.3bn, up from £3.8bn in the same period last year.

Exports to EU countries accounted for 53 per cent of the total value, followed by Asia and Oceania on 20 per cent and North America on 13 per cent.

Machinery and transport exports made the most significant contribution – 59 per cent of the total value – while miscellaneous manufactured goods accounted for 12 per cent.

There was also a modest uplift in the number of East Midlands exporters, which rose from 9,456 in Q1 of 2016 to 9,848 in Q1 2017.

Ben Lawrance, office managing partner at RSM in Leicester said: “The decrease in the value of the pound since last year’s referendum has helped exporters and these figures show that the region’s firms have been able to take advantage of this.

“Looking ahead, however, the outlook for exporters is less clear. Last week’s election result has caused further turbulence in the political climate and businesses will no doubt be hoping for some early clarity on the UK’s future trading relationships with Europe once the Brexit negotiations start in earnest.”