South West firms have exported an astonishing £21.6billion in goods during the past year despite the global economy being “challenging”, official figures show.
New HMRC data shows that as well as overseas demand for goods from the South West being at a record high, the region has now recorded four consecutive years of growth in goods exports.
The Department for International Trade said the overseas sales success was “despite an increasingly challenging global economic environment” and stressed that the world continues to demand British goods from regions across the country.
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HMRC data released today (June 6, 2019) shows goods exports from the South West in the 2018/19 financial year grew by 4% to a record high of £21.6billion.
Goods exports from the South West have now grown for four consecutive years, the joint highest in the country.
As well as increased demand for goods from the South West, the number of businesses from the region exporting goods abroad has shot up.
In the first quarter of 2019, a total of 8,352 South West-based businesses exported abroad - 162 more than during the same period in the previous year.
A growing contributor to the increased demand for goods from the South West is the spiralling demand from Latin America and Caribbean, where exports grew in the 2018/19 financial year by 13.5% to £269million.
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Secretary of State for International Trade, Dr Liam Fox, said: “I am delighted that goods exports from the South West have boasted particularly impressive growth rates over the past financial year, which is a consequence of the outstanding quality of produce and resilience of businesses across the region.
“When local Businesses trade internationally, they provide profound economic benefits to the local economy, including more jobs and cheaper goods. By diversifying their markets globally, businesses of all sizes can benefit from increased competitiveness, which encourages greater innovation and prosperity.
“I encourage businesses throughout the South West to use todays statistics as evidence that despite the global headwinds getting stronger, the world demands British goods at unprecedented levels. My international economic department is keen to work with businesses to ensure their full exporting potential is unlocked.”
Among export success stories are:
Hawkins & Brimble
The Cheltenham-based men’s grooming products firm was launched in December 2016 and has already secured contracts with the 海角视频’s biggest retailers including Sainsbury’s, Waitrose and Debenhams, as well as shipping products to more than 10 countries including the Netherlands, Spain, Portugal, China and South Africa.
Hawkins and Brimble approached DIT in 2017, when International Trade Advisers supported the company with funding to identify opportunities in North America.
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Exporting accounts for 60% of Hawkins & Brimble’s £1.5million turnover, and this is expected to increase to 75% in 2019 as the brand plans to enter markets including Scandinavia, Australia, India, Brazil and South East Asia.
Patrick Bos, sales director at Hawkins & Brimble, said: “We’re still a very young company and in just two years we’ve gone from formulating six shaving products to selling a full range of male beauty products in the 海角视频’s largest retailers and exporting our products overseas.
“Our main highlights this year have been working with Twentieth Century Fox to create an exclusive range of products to celebrate the release of Bohemian Rhapsody, and entering the North American market for the first time. Our International Trade Adviser at DIT has introduced us to the DIT team based in New York, which has been invaluable.
“However, exporting is not without its challenges. Before we entered the Canadian market, we had to do a lot of research about buying habits and had to make sure packaging was reprinted to include both English and French.
Trunki
The maker of Plymouth’s famous Trunki ride-on suitcase has seen profits rise and sales hit a record £9.5million thanks to strong demand in Europe and even further.
The company increased profits by 51% to £777,000 and made further gains across the continent according to its latest set of accounts.
Magmatic saw continued growth across the European Union, up 22%, with particularly strong performances in France (up 27%) and Germany (up 15%).
It also entered new markets including Ukraine and Israel, with international sales now representing 63% (2017: 57%) of the business. The products are now sold in about 100 countries.
Backed since 2013 by the Business Growth Fund, Trunki’s suitcases and other ranges of innovative travel products are sold in leading 海角视频 retailers such as John Lewis and Partners, Amazon, Argos, Boots and Halfords.
South West manufacturing news
Princess Yachts
The Plymouth-based luxury boatbuilder Princess Yachts has , as its remarkable turnaround continues.
The company, which found itself in the red in 2015 and only three years ago announced it would cut 350 jobs, showed a £30million operating profit in 2018 on turnover of £340million.
The Stonehouse headquartered company has set new records for yacht sales and employment and is celebrating its most successful year in its 54 year history with forward orders worth £700million and stretching through 2020
Financial results for the 12 months to December 31, 2018, show record turnover of £340.3million, up £65.9million, that's 24% on 2017. There was also a record operating profit before exceptionals of £29.8million, up £10.9million, or 173%. EBITDA (earnings before interest, tax, depreciation and amortization) for 2018 was £32.8m up from £14.9millio in 2017.
International sales continue to provide strong growth and the company is now eyeing the Chinese market.
Princess Yachts’ exceptional figures were based on a combination of strong sales at the industry’s three biggest global boat shows – Cannes, Fort Lauderdale and Düsseldorf and the year began in buoyant form with strong orders secured at the 2019 Düsseldorf Boat Show in January.
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To contact William Telford: william.telford@reachplc.com