Exports reach record high

Exports from the North East reached another record high in the 12 months to the end of September 2012, bringing the annual total up to £14.125bn.

The HMRC figures represent an increase of 6.72% on the previous 12 months despite a dip in the latest quarterly figures of around 0.19%. This compares to a fall of 0.41% for the UK as a whole.

The region is also set to share in the benefits of an extra £70m funding for UKTI announced in this week's Autumn Statement to help deliver a package of support to get more companies exporting.

The USA remains the largest single market for North East goods with a 12-month export value of £2.58bn, a 2.07% increase on last year.

One of the region’s fastest growing markets is Thailand with an increase of £292.956m or 1147% to give a total of £318.478m.

There was also strong growth in exports to Russia, with an increase of £427.666m or 47.6%, giving a total in the past 12 months of £1.336bn; Canada 26.3% (total £237.648m) and Australia 24.76% (total £323.951m).

Exports of iron and steel are up on the previous year by 78%, giving a total of £683m while road vehicles exports were up by 17% up, total of £5.6bn.

There were also increases in specialised machinery, organic chemicals and medical and pharmaceutical products.