The recession has done little to wash away the well- trodden trade path between the North East and America, as Andrew Mernin discovers.
DESPITE its position on the frontline of the global recession, America remains the land of boundless opportunity for North East firms.
The US is the biggest export market of companies in the region with opportunities available in virtually every industry sector including life sciences, pharmaceuticals, energy, consumer goods and ICT.
Between 2001 and 2008, North East exports to the US have grown over 200% to £1.8bn.
The US is the world’s foremost economic and military power, with global interests and an unmatched global reach.
Its gross domestic product accounts for close to a quarter of the world total and its military budget is reckoned to be almost as much as the rest of the world’s defence spending put together.
The USA and the UK have strong historical links, a common language and an ongoing “special relationship” so it is perhaps no surprise that it is the UK’s largest single export market and the leading overseas destination for British investment.
Despite a fall in trade from the North East across the Atlantic in recent months, the 12-month figure up to the end of June 2009 is still more than 7% higher than the previous year.
The US boasts an integrated and largely self-contained economy and virtually every major industry is represented. US manufacturers often source components overseas and UK goods have traditionally enjoyed a good reputation for quality in the USA.
It is an attractive market for UK exporters and with the exception of a few import quotas and some strategic industry ownership restrictions, there are no limitations on foreign firms seeking to do business in the US.
