18% year on year growth sees West Midlands top the regional exports table
THE latest export statistics produced by HM Revenue and Customs reveal the West Midlands is the top performing region for international trade.
Exports from the region reached more than £6.5bn between April 1 and June 30.
Compared to the last quarter, exports from the West Midlands increased by 6.5%, the highest growth of all English regions.
And compared with the same quarter in 2012, the growth is an impressive 18% – equating to more than £1bn more exports from the region.
The fastest growing single market for the region is Asia and Oceania, with exports to that region increasing by £42m in the past 12 months. The West Midlands experienced growth in all markets this quarter compared to the same quarter in 2012.
The EU remains the largest single market for West Midlands goods with a six month export value of nearly £5.5m. Exports to the EU have also grown, compared with the same quarter the year before – the first time exports have grown to the EU in 12 months.
Paul Noon, regional director for international trade body UKTI West Midlands, said: “These are fantastic results. The region has enjoyed another excellent export performance this quarter.
“We have big players in the West Midlands such as JLR and JCB which are immensely important to our success, but many more smaller and mid-sized firms are getting the message that exports are the way forward and will lead to growth.
“While the EU continues to be our largest market, the biggest rise in exports has been to the high growth markets of Asia and the Far East, including China. This is good news, demonstrating the dynamism of the companies in our region.
“The potential for further growth in other high growth markets, such as the Middle East, South America and parts of Africa, is significant. But these unfamiliar markets bring their own challenges and it will take time to build confidence and market share.
“It’s crucial that we maintain the momentum of this success if we are to reach our target to double the value of exports by 2020.”
