Latest statistics, based on figures compiled by HM Revenue and Customs, showed that for the 12 months to the end of September 2008:
- the total value of North East exports of goods was £11.507 billion, an increase of £2.502 billion (27.8 per cent) compared to the 12 months ending September 2007
- the North East recorded the highest rate of growth of exports of goods (27.8 per cent) of any English region, substantially ahead of the UK overall figure (12.9 per cent)
- the North East remained the only English region with a positive balance of trade recorded (+£2.125 billion)
- the USA (£1.866 billion) remained the North East's single largest export market, growing by £0.688 billion (58.5 per cent) compared to the 12 months ending September 2007
- the North East export markets recording significant growth (in addition to USA) included:
- Netherlands (£0.375 billion, +32.1 per cent)
- Russia (£0.283 billion, +68.7 per cent)
- France (£0.182 billion, +26.0 per cent)
- Belgium (£0.122 billion, +28.6 per cent)
- Spain (£0.120 billion, +25.6 per cent)
- Italy (£0.092 billion, +16.9 per cent)
- China (£0.076 billion, +44.8 per cent)
- the number of exporting businesses in the North East region remains relatively steady but with a small upward trend, the count of the number of exporters in each quarter of 2008 has seen an increase of around 3 per cent on the corresponding quarter of 2007.
David Coppock, UK Trade and Investment's International Trade Director, said "The North East's international trade performance continues to show good growth at a time when the world's economies are showing signs of slowdown. The effect of this slowdown is not fully reflected in these figures, so while we're obviously delighted with the region's continuing strong performance we know there may be more testing times ahead.
"Companies wanting to take the opportunity of breaking into export markets in order to beat the downturn and to take advantage of the weak Pound, especially against the Euro, should talk to us at UK Trade and Investment and we can point them towards a number of excellent products we have, such as OMIS (Overseas Market Introduction Service) and Passport, which help businesses break into export markets."
Ian Williams, One North East Director of Business and Industry, said "Despite the economic challenges caused by the global credit crunch, North East companies continue to perform strongly in export markets - outstripping our own performance last year by 28 per cent.
"This welcome news confirms that there are still many bright spots in the North East economy, businesses performing well and investments continuing to be made, which show the underlying strength of the regional economy based on several years of strong economic growth.
"Oil and gas, process industries and new and renewables are three sectors in particular which are performing well, creating wealth and opportunity across the region.
"We are under no illusions about the challenges the economic downturn presents, but the region's diverse business base makes it better placed than it has been in the past to deal with the blows dealt by the credit crunch."
