According to the latest Government figures, the value of goods exported by firms in the West Midlands increased by 3% in the first quarter of 2016 (compared to the first quarter of 2015) to £7.560 billion. By contrast, there was a 2.6% decrease in the value of exports from the UK as a whole. In England, only the West Midlands, the South East and the South West regions recorded a rise.
There was also a 1% increase in the number of companies in the West Midlands exporting to overseas markets, from 4,675 to 4,721. For the UK as a whole, the number of exporting businesses fell by 0.8% in the same period.
Almost 45% (by value) of West Midlands exports went to EU markets, 21% to Asia plus Oceania, and 21% to North America. Machinery and transport exports accounted for almost three quarters of goods exports (by value).
Mark Taylor, regional managing partner at the RSM accountancy group in Birmingham, said: “The decline in exports nationally is disappointing, but these numbers are very encouraging for the West Midlands. If you look across the English regions, only the West Midlands and the South West recorded both a rise in the number of exporters and a rise in export values in the first quarter of this year.
“What these figures also show is that the region continues to rely heavily on export markets in the EU. Regardless of the outcome of the referendum, exporters in the region should continue to evaluate the opportunities available in markets further afield, and businesses yet to take advantage of export markets should keep their strategy under review. While it’s certainly true that exporting incurs up-front costs and risks, there are great opportunities for companies prepared to take the plunge — and lots of support available.”