According to the latest regional trade statistics published by HMRC, the North East has seen the largest decline in exports of all the UK regions. Figures show that its exports fell from £3.1 billion to £3 billion for the 2014-15 financial year, meaning that the region now contributes only 4% of the UK’s exports.

Its top export partner was the Netherlands, with the USA and Spain in second and third place.

Paul Langhorn, Baker Tilly’s North East Regional International Partner, said: “These results are hugely disappointing for the region, and it may very well be the case that businesses in the North East are still nervous about expanding into overseas markets, following the economic downturn of 2008.

“Interestingly, machinery and transport equipment continue to be the top export commodity for the region, which I suspect is largely due to regional success stories such as Nissan. The hope now is that, as the country begins to recover from the economic downturn, more businesses will begin to realise the benefits of establishing themselves within the region.

“The Government is keen to keep telling us about the positive benefits to business of the Northern Powerhouse, so it seems to me that a sensible move would be to turn their attention to supporting our regional businesses with their expansion plans overseas.”