West Midlands exports now worth £28.4bn

THE latest trade statistics have revealed that West Midlands exports are continuing to grow and are now worth £28.4bn.

Figures from HMRC show that once again, year on year, the region has the largest percentage increase in exports, increasing by 11.2% between September 2013 and September 2014.

Export of goods for the third quarter (July – September 2014), were £6.7bn, which is up by £129m for the same period in 2013. This is a 2 % increase compared to the same quarter in 2013 and represents a 9.8 % share of the UK’s total exports.

There has been a slowdown compared to the previous quarter (April – June 2014), but this is not unusual as the third quarter covers the summer months when firms often carry out refits and maintenance.

But compared to the same quarter ten years ago in 2004, the region’s exports have more than doubled.

The machinery and transport sectors continue to dominate both the total numbers and the growth – now worth just over £3bn.

The three key markets for West Midlands’exports: are the  EU, with exports down 1% on same quarter last year, Asia and Oceania – up 25% – and North America (down 1%).

Exports to non EU markets are now equivalent to 60.8 % of the West Midlands total.

UKTI regional director Paul Noon said:  “These figures show our exports are continuing to rise overall in comparison to last year which is excellent news for the region.

“So far this year, the West Midlands is £1.4bn up on where we were this time last year, equivalent to 7.3% growth.

“Companies often need help to get started on their export journey. The £20m package for first time exporters announced in the Autumn Statement means we can do more to help more small and medium-sized West Midlands firms export through interactive workshops, assistance from more specialist trade advisors, small grants to cover initial exporter costs, as well as visits to potential markets, support for digital exporting and an incubator service to prepare companies for export.”

Gary Burton, regional director of corporate banking at HSBC in the Midlands, said: “This is an encouraging set of numbers for the West Midlands, where our strong automotive sector continues to help drive exports.

“Our region is now exporting more than any other English region outside London and the South East, and we were one of only two regions to increase the value of our exports on the same period last year. Our automotive sector continues to be a real success story.”

Greg Lowson, president of Birmingham Chamber of Commerce said:  “Today’s figures show how strongly the West Midlands is performing in exporting. The region has some serious players that export quality goods across the world, especially in the fields of advanced manufacturing and aerospace.

“We have also seen a major increase in exports to longer haul destinations such as Asia and the Middle East, and with the recent runway extension, Birmingham Airport plays a crucial role for firms looking to get their products and services to these regions.”