Decline in exports has bottomed out

Dec 16 2009 by Andrew Mernin, The Journal

THE decline of exports from the North East looks to have finally bottomed out, despite new figures revealing a 20% dent in the value of goods and services shipped from the region to the rest of the world.

In the third quarter of the year, the value of exports from the region fell 20% on the previous year to £2.4bn, compared to a 14% fall on a national level.

In the year to September 2009, the total value of North East exports was £9.4bn – an 18% decrease on the 12-month period ending in September 2008.

However, there are hopes that exporting is on the road to recovery in the region with an 8% rise in the value of exports between the second and third quarter of 2009 as export values return to 2007 levels.

David Coppock, UK Trade & Investment’s international trade director, said that behind the recent gloomy trade figures were positive signs for the future of the region’s international aspirations.

He said: “I think there is a feeling that things have bottomed out and we are starting to climb again.

“In the third quarter we have seen increases in exports to China, Brazil and Canada. Clearly there are markets out there where demand is increasing.

“Also, with the pound at its current level, UK exports are clearly competitive in Europe, so I think North East companies should be looking at the Eurozone.”