Pictured: Ian Morrison
Latest figures released by HM Revenue & Customs today show
that despite a decline in exports from the East Midlands in the
last quarter, to the end of June 2011, the region is on track to
top £16 billion by the end of December; the highest level of
exports for at least five years.
The figures over the last 12 months show an increase of over 16
per cent for the preceding 12 month period. And with imports
showing an increase of less than 14 per cent for the same period,
the region's trade deficit has narrowed slightly.
The second quarter of the year saw exports reach £4.13
billion which brings the total for the year so far up to
£8.6bn. The previous quarter's export figures were £4.4
billion.
Commenting on the figures, Ian Morrison, UK Trade &
Investment (UKTI) Deputy International Trade Director said:
"Although the dip this quarter is disappointing the longer term
trend is extremely positive, with the region's exports set to top
£16 billion by the end of December, the first time this has
been achieved for five years.
"Exporting is the key to growing the local economy and these
figures show that although exporting does need time and effort, and
may initially seem daunting, the rewards for both individual
companies and the economy are extremely worthwhile."
The EU remains the most important market for the East Midlands
with a 12-month export value of £7.9 billion, with Germany,
the Netherlands, and France all among the leading export
destinations. And regions such as North Africa and the Middle East,
and Eastern Europe have shown increases in the last quarter.
Ian Morrison added:
"We encourage companies across the East Midlands to take up the
challenge and help the East Midlands top £16 billion in
exports by 'Selling British'. To help we are hosting more
events than ever this year, from a joint event with the CBI East
Midlands in October, to joint events with Derbyshire and
Nottinghamshire Chamber of Commerce in November, and business
language workshops and trade missions to countries including
Australia and Japan. To find out more call 0845 052 4001 or
visit www.ukti.gov.uk ."
To find out about events taking place across the East Midlands
and the full range of support available through UK Trade &
Investment call the East Midlands International Trade Hotline on
0845 052 4001.