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EU integral to export plans, say North East businesses

North East businesses want to maintain a close trading relationship with their key European customers and suppliers, according to the results of the British Chambers of Commerce’s (BCC) International Trade Survey.

The results of the national business survey, which included North East businesspeople’s views, showed that firms in the region see the future trading relationship with the EU as a high priority. Three-quarters of North East respondents sell and source goods and services in the EU market.

The results show that over a third (35%) of North East businesses are planning to put additional resources into exporting to the European market over the next 5 years, reflecting the national survey results figure.

However, although 11% are looking to source more from Europe, nearly a tenth (9%) are looking to reduce the number of products and/or services they import from Europe, possibly due to the effect of the increased prices due to the fall of the pound sterling.

Ben Powick, policy adviser, North East England Chamber of Commerce, explained: “North East businesses continue to see the EU as integral to their export plans.

“Although the government has outlined some of their key Brexit priorities, the future trading arrangements with the EU remain unclear. Despite this, North East companies continue to see Europe as key, with well over a third looking to put additional resources into the market.

“In terms of our trading future relationship with the EU, tariffs are the top priority, with North East business prioritising tariffs, expensive non-tariff barriers and public procurement regulations to be at the top of the agenda for our future EU trade deal.

“Positively, North East businesses are looking to expand their global presence, with well over 20% of respondents indicating they were planning to put more resources into markets such as North America, Australasia and China. The export support provided by the Department for International Trade is essential to this.”

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