NW exports fight back in Q3
EXPORTS from the North West bounced back in the third quarter of this year, new figures from HM Revenue and Customs reveal.
After a disappointing second quarter where the ongoing euro zone crisis contributed to a 19% fall, the picture in the three months to the end of September showed a 14.2% increase.
Dr Brian Sloan, chief economist at Greater Manchester Chamber of Commerce, said: “Exports in the North West regained a lot of the ground lost in Q2 of this year, but remain subdued mainly as a consequence of economic conditions in the euro zone. The trend in exports is largely reflective of demand for chemicals from the region.
“It is pleasing to see that although exports have not yet fully recovered all the ground lost, every export destination by global region has registered an increase in volume over the quarter, despite the weakness of the euro zone.
“There were sizeable increases in exports to North America and Eastern Europe, though challenges lie ahead with the US fiscal cliff and risks to exports remain.”
Dr Sloan welcomed the increase in funding to UK Trade & Investment announced by the Chancellor in the autumn statement, and said the introduction of a £1.5bn fund to support firms to export was also a positive step.
