East’s exporting efforts lead way out of recession
BUSINESSES from the East of England are helping to lead the country to economic recovery with the second highest growth in exports to the EU compared to other UK regions.
The latest international trade statistics issued by HM Revenue & Customs show that of the 12 UK regions, only London had a higher growth in trade to the EU, which is the UK’s biggest export territory.
The quarterly trade figures to March 2010 show that our region’s exports to EU countries are up by £94.5 million (year to date) to £12.6 billion, and up 15.2 per cent to £3.2 billion when compared to the same period last year.
The region now accounts for 10 per cent of all UK exports to the EU and nine per cent of total exports worldwide.
East of England exports to non-EU countries are also up, compared with the same quarter in 2009, with the region enjoying a 4.8 per cent rise to £1.98 billion.
According to UK Trade and Investment, regional companies are investing 39 per cent more investigating new overseas markets when compared to the same period last year.