The recent announcement from UKTI that North East exports have continued to grow, despite a fall in exports nationally, is fantastic news for the region.
Not only does it reflect the strength of North East businesses, it also shows there’s room to grow the value of our exports.
The signing of the North East Growth Deal will deliver £330m of investment for transport infrastructure, skills, innovation and business support projects. These essential services are vital for economic growth and will deliver the North East LEP’s objective to create more and better jobs.
Last month the North East LEP signed an agreement with UKTI North East that set out how we will work together.By combining forces, we can boost the region’s export performance as well as improvethe turnover and profits of local businesses.
UKTI’s announcement that exports are continuing to grow from our region demonstrates how North East businesses are helping to drive growth and boost the local economy.
Through the Strategic Economic Plan, we’re developing an infrastructure that gives businesses the opportunity to grow and maximise export opportunities.We are working closely with UKTI on inward investment in the North East to create the best possible conditions forthe region’s businesses.
UKTI reported the total value of North East exports in the last yearhas risen by 7.24 per cent, while the national figure has fallen by 3.89 per cent. It also revealed the value of exports from the North East for the 12-months up to the end of December was £12.416 billion, compared to £12.167 billion in the previous rolling 12-month period up to the end of September 2014.
It’s encouraging to see the North East remains the only English region with a consistent positive balance of trade, exports greater than imports, with the figure at £4.45 billion.