North West exports hit £8bn as EU remains region’s biggest market

The value of goods exported from the North West leapt by more than a fifth during Q1 2017, according to new figures.

Data from HMRC has shown that in the first three months of this year, exports from North West firms hit £8bn, up from £6.6bn during the same period in 2016.

The increase represents a year-on-year rise of 21%.

Exports to the EU accounted for 47% of the total, with North America coming in second at 20% and the Asia-Oceania region third with 17%.

Machinery and transport made up the biggest chunk (46%) of the goods shipped from the North West, while chemicals accounted for a 23% slice.

HMRC’s figures also highlighted a slight uptick in the total number of exporters in the region, which rose from 11,710 in Q1 2016 to 12,265 this year.

Graham Bond, the head of manufacturing in the North West for accounting group RSM, said of the findings: “The decrease in the value of the pound since last year’s referendum has helped exporters and these figures show that the region’s businesses have been making the most of this.

“Looking ahead, however, the outlook for exporters is less clear.”

He continued: “Last week’s election result has caused further turbulence in the political climate and businesses will no doubt be hoping for some early clarity on the UK’s future trading relationships with Europe once the Brexit negotiations start in earnest.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →