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PRIVACY
Economic Development

West Midlands' China export surplus soars to £1.74bn

More than a third of the º£½ÇÊÓÆµ’s exports to China were from the West Midlands last year

Income from the Far East is expected to continue to increase in 2014, with traditional manufacturing areas leading the way

 

The West Midlands’ export surplus with grew three-fold last year as the region raced to outpace the rest of the country in sales to foreign shores.

The region sold £1.74 billion more goods to the Far Eastern superpower than it imported, as drove foreign sales to previously inconceivable levels.

Total exports from the West Midlands rose by 18.4 per cent in a year, fuelled by emerging markets, but also boosted by the first rise in European income for several years.

More than a third of the º£½ÇÊÓÆµ’s exports to China were from the West Midlands last year – sending out more than £4 billion worth of goods while importing £2.3 billion.

That came as national exports overall struggled with income across England dropping for the third year running.

Paul Noon, º£½ÇÊÓÆµTI regional director for the West Midlands, said he expected income from the Far East to continue to increase in 2014, with traditional manufacturing areas leading the way in export growth.

Mr Noon said: “I think the growth in exports that we have seen over the last two years will continue to come.

“I think JLR accounts for about half of the growth. In terms of the rest, it is a good question, but in general there has been three regions with growth – us, the East Midlands and the South West – while the rest of the º£½ÇÊÓÆµ has been sluggish.