South West exports increase as more firms ‘venture into high growth markets’
Exports from companies in the South West are rising again, according to the latest figures.
Exports from the South Westincreased significantly by 7.5 percent, to £13.67 billion, in the year to December 2013, compared to 2012.
According to the new quarterly figures, exports from the South West account for 4.6 percent of the UK’s total exports and show a 2.9 percent increase in the last quarter of 2013.
The number of exporters from the region also grew year-on-year.
Machinery and transport equipment, manufacturing good and chemicals continue to be the most exported commodities from the region.
The South West also remains one of only two regions with ‘Food and Live’ commodities in their top five export goods.
The European Union remains South West’s biggest export market representing 58.6 percent of all exports from the region.
The figures show that the value of exports to Asian and Oceania remained steady at £1.8 billion over the past year, whilst the value of exports to the Middle East & North Africa increased by £237 million.
There has also been a year-on-year increase in exports to Sub-Saharan Africa.
UKTI Regional Director Russell Jones comments: “This rise in the value of exports from the region is very welcome and encouraging, I am certain there are still many companies in the South West that could take their UK success and replicate it overseas.
“Whilst we are still heavily reliant on EU countries, I’m particularly pleased to see more businesses venturing into emerging, high growth markets.”