Trade figures reveal increase in exports from South West
UKTI Regional Director Russell Jones has welcomed a rise in the region’s value of exports over the last year with cautious optimism.
The latest trade statistics released by HM Revenue & Customs reveal that in the 12 months to September 2014, annual exports from the South West increased by £116 million to £13.7billion.
The total annual value of exports from the region in the year ending September 2014 rose by 0.9%.
The South West also witnessed an increase (0.7 percent) in the number of exporting businesses in the last quarter, with over 3,820 active exporters.
The statistics show that machinery, transport equipment and manufactured goods are the key export commodities for the South West and that it remains one of only three regions with food in its top five export commodities.
Further analysis reveals that Germany, France and the USA represent the top markets and that there has been gain in the value of exports to Sub-Saharan Africa in the last quarter.
Russell comments: “It is encouraging to see that the region’s exports have increased in the last 12 months, along with a rise in the number of active exporters in the three months to September.
“While we have seen a slight dip in the value of exports during the quarter, I am cautiously optimistic that we will see further growth over the next few months.”