Member Article

Balance of trade stays in the black

The North East is still one of the only English regions exporting more goods than it imports, with a positive balance of trade for the tenth year running. Figures released in the region’s annual International Trade Summary show there was a difference of £2.5 billion between the value of goods exported and imported in 2006, with the North East’s export value representing 59% of its total international trade in goods.

The yearly summary – which covers goods rather than service industries – is produced by the North East Regional Information Partnership with data from HM Revenue and Customs, and is used by regional policy-makers to help develop and manage the role of international trade in goods as part of continuing and sustainable economic growth in the North East.

David Coppock, International Trade Director for UK Trade & Investment in the North East, said: “We will continue to drive forward in all sectors of our economy to develop our international offer. In 2007 we are focusing on developing our strengths in new, high growth markets while continuing to support all our businesses both manufacturing and service sectors in developing markets overseas. It is particularly pleasing to note that the North American market as our most valuable market continues to attract some 14% of total exports by value.”

Head of NERIP, Jon Carling, said: “The North East was one of only a few English regions to have a positive balance of trade for 2006 and, clearly, this is to be welcomed. Of course, the report also highlights some of the continuing challenges facing the region in terms of goods trade. It recognises that our export growth rate will need to increase more strongly in order for the region to reach its full potential in the global market.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .