Turn the key on a trip to success
Exports play a key part in the region's economy, and research shows that firms which export are more resilient. Take advantage, says David Coppock.
THE gauntlet is down! UK Trade & Investment (UKTI) is asking North East firms to take up an international trade challenge. In turn, it pledges to help open a gateway to global growth.
Exports play a key part in the region’s economy. While last year’s downturn clearly had a significant impact, there are signs of recovery; 2009 ended on a high, trade figures show.
During the final quarter to the end of December 2009, just under £2.76bn worth of goods was exported from the North East – the fifth highest quarterly value ever recorded in the region.
While our annual total has fallen – from a record £11.3bn in 2008 to £9.63bn last year – this is still the second highest annual value recorded in the region.
We expected the 2009 figures to be lower than the previous year, but in fact they rose in the final quarter.
The statistics also indicate we’re holding our own in a number of markets including the USA, Netherlands, Spain, Italy, China and Turkey.
Our challenge is to build on this. While the region’s international trade performance is strong, the number of companies that export is small. Most of the earnings come from relatively few industries such as automotive, chemical, biotechnology and pharmaceuticals.
We want to encourage more companies, widening the range of goods exported, and broadening the number of markets involved.
Firms can take advantage of the ongoing favourable exchange rates in sales activity – and the fact that the North East already leads the way in some of the world’s fastest-growing sectors – energy and low-carbon technology, chemicals, automotive, healthcare and life sciences, to name just a few. Research shows that firms which export are more resilient.
Last year more than 300 North East companies took advantage of UKTI support. Nationally, UKTI helped 20,700 companies to generate around £3.6bn of additional profits.
Virtually any company can export. Contact the North East International Trade Hotline on 0845 0505 054, email enquiries@ukti.rito.co.uk or log onto the website at www.ukti.gov.uk
:: David Coppock is international trade director of UKTI
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