8.4 C
West Bridgford
Sunday, 12 July 2020 - 4:09am

East Midlands take top spot for fastest growing English region for goods exports


1 2
1 1 1
WBWire covid19 728x90 1

Latest HMRC data shows that as well as overseas demand for East Midlands goods being at a record high, the regions goods export grew at a faster rate than any other English region.

Goods exports from the East Midlands in the 2018/19 financial year grew at 8.3% to a record high of £22.9 billion.

The East Midlands has now recorded 3 consecutive financial years of goods export growth.

NYMCA 0181 CF West Bridgford Wire Ad Banner Summer
banner ad

East Midlands exporters Thornbridge are the latest British brewery to be tapping into overseas demand.

Despite an increasingly challenging global economic environment, the world continues to demand British goods from regions right across the country. HMRC data released today (6th June) shows that goods exports from the East Midlands in the 2018/19 financial year grew by 8.3% to a record high of £22.9 billion. This is a faster rate of export growth than any other region across England.

As well as increased demand for goods from the East Midlands, the number of businesses from the region exporting goods abroad has shot up. In the 1st quarter of 2019, 8,034 East Midlands based businesses exported abroad, 140 more than during the same period in the previous year.

Machinery and transport account for over half of all goods exports from the East Midlands, with its value in the 2018/19 financial year increasing by 10.9% t £14.6bn.

A key driver to the increased demand for East Midlands goods is the spiralling demand from Latin America and Caribbean, where exports shot up at the fastest rate. In the 2018/19 financial year, good exports from the East Midlands to the region increased by a huge 26.8% to £483 million.

Secretary of State for International Trade, Dr Liam Fox, said:

“I am delighted that goods exports from the East Midlands have boasted particularly impressive growth rates over the past financial year, which is a consequence of the outstanding quality of produce and resilience of businesses across the region.

“When local Businesses trade internationally, they provide profound economic benefits to the local economy, including more jobs and cheaper goods. By diversifying their markets globally, businesses of all sizes can benefit from increased competitiveness, which encourages greater innovation and prosperity.

“I encourage businesses throughout the East Midlands to use todays statistics as evidence that despite the global headwinds getting stronger, the world demands British goods at unprecedented levels. My international economic department is keen to work with businesses to ensure their full exporting potential is unlocked.”

One exporter based in the East Midlands who have seen exports surge over the past few years are Thornbridge Brewery.

Simon Webster, CEO Thornbridge Brewery, said:

“We currently export to 40 different countries worldwide with our beer going as far as Australia and New Zealand, working closely with our International Trade adviser helps us in new markets and with any issues which may arise. We also have access to the ‘Export Opportunities’ which are incredibly useful.

“Exporting has allowed us to diversify our revenue streams, strengthening our overall income. We plan to grow the amount of countries we are available in and also the volumes in our current markets. Working closely with our distributors worldwide to increase the availability of Thornbridge beers across the globe.”

Subscribe to our free daily newsletter

ALL stories from The Wire delivered in ONE email every day