Member Article

Yorkshire & the Humber manufacturers ‘most valuable’ exporter

Yorkshire and the Humber manufacturers are the most valuable exporting sector for the mid-market, trading more than £1.3 billion worth of goods to international markets each year, according to research by accountancy firm BDO LLP.

The figures show that Yorkshire and Humber is the only UK region where the export value of medium-sized manufacturing firms is higher than that of consumer markets or financial services, accounting for a third (32.5%) of all exported goods and services out of the region.

Consumer markets, which include retail, wholesale and leisure companies, nearly equal the export value of manufacturers but fall slightly short at £1.2 billion.

The professional services sector follows but the value plummets to £470 million, less than half the worth of the two leading sectors.

In total, the region’s medium-sized businesses export more than £4 billion each year. Despite making up less than 1% of all firms, they’re responsible for £1 of every £4 exported from Yorkshire.

However, despite the contribution, Yorkshire’s mid-market is falling behind other regions when it comes to sales abroad, with the North West having an export value of £6.4 billion, and the West Midlands and the East of England valued at £6.3 billion.

Terry Jones, partner and head of BDO LLP in Yorkshire said: “Approximately 75% of all mid-market exports take place outside London and South East, yet the Government’s focus still lies heavily with the City of London.

“As policy makers strive to rebalance the economy, it’s important to recognise that regional mid-market firms contribute significantly.

“What’s exciting, yet equally frustrating, is that they’d have even more growth potential if the right support was in place.

“There’s considerable appetite for international expansion among local firms. It’s now up to the government to put the right policies in place and give these companies the tools to thrive.”

This was posted in Bdaily's Members' News section by Clare Burnett .