Exports of Welsh goods have recovered beyond pre-pandemic levels according to Welsh Government provisional figures. Firms in Wales exported £19.4bn worth of goods to markets across the world in the year ending September 2022.
This was up 36.6% by £5.2bn compared to the previous 12-month period and £1.7bn more compared to year ending September 2019, before the Covid-19 pandemic. Exports values to the EU increased by £2.7bn (31.1%), while there was also an increase in export values to non-EU countries of £2.6bn (44.8%), compared with the previous year.
Export values to the EU accounted for 57.5% of Welsh export value compared with 52.0% for the 海角视频.
Read more: Small rise in business confidence across Wales as firms cautiously optimistic entering 2023
In terms of product categories, export values from Wales continued to be dominated by 'machinery and transport equipment' which made up £7.2bn of export values.
There was also a substantial increase in export values of mineral fuels up £2.5bn (148.1%) compared with the previous year. Mineral fuel exports accounted for 21.9% of all exports from Wales.
Power generating machinery and equipment was the largest value product within the machinery and transport equipment category with £2.7bn (14.0%) of Welsh exports. This is an increase of £0.9bn compared with the previous year.
Within the mineral fuels category, 'petroleum, petroleum products and related materials was the highest value product with £4.2bn (21.4%) of Welsh exports. While this is a value increase of £2.6bn (160.6%) compared with the previous year, the volume exported only increased by 44.1%.
Most Read
The Welsh Government said the latest figures shows exporters of Welsh goods have demonstrated "significant resilience amid ongoing challenges in the global trading environment, from the war in Ukraine to currency instability and the increased costs of shipping and energy".
Sign up to the BusinessLive Wales newsletter and follow us on LinkedIn
As well as an in-depth early morning newsletter, we will be sending out regular breaking news email alerts. To sign up to this service
And, follow us on to catch the latest stories and to network with the Welsh business community.
Economy Minister Vaughan Gething said: “Global issues have had a major impact on Welsh exporters already contending with the issues brought about by the 海角视频’s exit from the EU and the Covid pandemic. Despite this, we are continuing to deliver our ambitious Export Action Plan, as part of our Programme for Government, and it is testament to our exporting businesses that Wales’ export performance has exceeded its value before the Coronavirus pandemic.
“Wales has so much to offer the world, and we will continue to work closely with our export support ecosystem to support businesses in Wales grow their international trade and to build on the solid platform that has been laid over the last twelve months.
“Exporting can be a pathway to future prosperity for Wales, but the global trading market remains unpredictable, and our economy is still recovering. We need to be able to react and respond to global conditions to best support the needs of businesses on a journey to export success.”
Read more:
Business rates in Wales will be frozen for the 2023-24 financial year
- Welsh accountancy firm founded over 70 years ago bought by national group
- The Welsh firms adapting and innovating in the face of the economic crisis
- The challenges facing scale-up firms
- The new £50m equity fund for the Cardiff Capital Region