Exports by West Midlands businesses grow by 3%
EXPORTS by West Midlands businesses grew by 3% to £29.2bn in the annual period to June 2015, latest figures have shown.
The figures, released by HM Revenue & Customs, show that the region is now the third largest exporting region in the UK, accounting for 10.3% of all UK exports, with exports in Q2 2015 up 4.2% compared to Q2 2014 and up 2.2% compared to Q1 2015.
Paul Noon, UK Trade & Investment Regional Director, said the figures showed that businesses in the West Midlands were confident and were continuing to perform strongly.
“These latest figures are very positive for our region and demonstrate the excellent work that businesses are doing to create a strong trade market across the globe,” he said.
“The growth in exports to the USA, Asia, and North Africa have been particularly positive over the past 12 months, while the EU and China continue to be strong areas in which to trade.
“We are leading the way when it comes to breaking into new markets and are working very well towards meeting the national economic challenge of doubling the value of exports by 2020.”
The West Midlands’ top five markets for the annual period ending June 2015 were China, USA, Germany, France, and the Irish Republic, and the figures show that exporters in the West Midlands continued to grow to their principal regions for annual period ending 2015.
There was particularly strong growth in North America, where the export market grew up by 12.1% to £5.3bn, and the Middle East and North Africa (up 8.8%, worth £1.9bn). In the European Union, exports grew 3.2% and were worth £11.8bn, while in Asia and Oceania, exports rose by 3.8% (worth £7.5bn).
The strongest industrial sectors/commodities for the region were: machinery and transport, manufactured goods and miscellaneous manufactures.
UKTI stages an advice seminar at Villa Park on September 16 for firms interested in exporting to countries in the Commonwealth.
Trading with the Commonwealth, which coincides with the club hosting both Australia and South Africa in the Rugby World Cup tournament, will give businesses from the region the chance to find out more about seeking new markets. For more information and registration can be found at commonwealthevent.eventbrite.co.uk.
