NE Trade with World Outside EU Increases
Chamber director of international trade, Julie Underwood, said “The new export figures highlight the strengths and also the current challenges such as Brexit and global uncertainty, for the region’s export community.
“The export figures show our trade with the rest of the world outside the EU has increased, led by a 42% export increase to the Middle East. While this is good news but we should treat these results with a hint of caution, with global activity plagued by volatility. Our surveys show this will continue. Government must look to provide stability and support for international trade as a priority.
“However, the Chamber will continue championing the global ambitions of its members in the new decade through our Global Business Network, which is geared to promote Chamber to Chamber member trade across the world”.
NOTES TO EDITORS:
-Trade for 2019 Q3 totalled £6.9bn, up
4.3% from 2018 Q3. This outperformed the national average which saw a 0.2% rise
in global activity.
-Exports were valued at £3.2bn, which represented a 2% rise on the quarter, and a 1.8% rise on the year.
-Imports totalled £3.7bn, which represented a 5.4% rise on the quarter, and 6.7% rise on the year.
-This resulted in a trade balance of £-324m
-European Union remained the biggest
receiver of North East exports, receiving 56% worth £1.8bn. This was a drop
of 2% on the quarter and 1% decrease on the year.
-Exports to the Middle East grew the most from £105m to 149m, a 42% increase on the quarter.
-Manufactured goods continued to be the top exported good at £1.6bn, worth 52.3% of total export value.