Decline in northeast export value

Latest trade statistics have revealed a decline in the quarterly value of exports from the northeast of England.

The statistics, based on figures compiled by HM Revenue and Customs, showed that during the second quarter of 2009, up to the end of June, just under £2.23bn worth of goods were exported from the northeast, compared with £2.4bn in the previous quarter (up to the end of March 2009) a fall of 3.6 per cent.

However, more than half of the region’s top 20 markets had shown some growth in export values during that time.

The rolling 12-month figure for the total value of goods exported from the northeast in the year to the end of June 2009 has also fallen back to £10.07bn, a fall of 7.9 per cent compared with the previous 12 months to the end of June 2008.

The figures also showed that for the first time since late 2007, the Netherlands overtook the US to become the most valuable export market for northeast goods with £365m sales in the quarter compared with £338m.

However, the US remained the most valuable annual export market with £1.8bn worth of goods exported there in the year up to the end of June 2009 compared with £1.5bn to the Netherlands.

Meanwhile, road vehicles and medicinal and pharmaceutical products remain the region’s top export sectors with annual values of £2.44bn and £2.41bn, respectively.