East of England leads in export growth
17:45 18 March 2013
The East of England is the fastest growing region in the country when it comes to non-EU exports, according to research.
The latest trade figures from HM Revenue and Customs have shown that the East’s exports outside the EU now stand at 16.4pc year on year – while exports to the recovering US market have grown 28pc year on year.
The total value of exports from the region during the final three months of 2012 (October-December) was £6.7bn.
Meanwhile, the annual total for exports from the region was £26.7bn.
Liz Basing, regional director for UK Trade & Investment (UKTI), said: “East of England companies are doing brilliantly in markets outside Europe. That is where the best long- term growth prospects are but that does not mean Europe isn’t important.
“The EU still accounts for more than half the exports and the US is once more the single most important overseas market for businesses in the East of England. My team at UKTI East is looking forward to helping even more regional companies do more business across the full range of markets from Brazil, Boston or Benelux.
Exports to the USA and Hong Kong are the region’s fastest growing markets amongst the top 10 export destinations with increases of 28pc and 57pc respectively year on year.
There was also strong growth in exports to some of the BRICS countries Brazil, India and South Africa, with increases of 19%, 13% and 21pc year on year respectively.