East of England boosts UK export figures

UK exports have been boosted by bumper figures from the East of England region.

Exports from the region in the first three months of the year swelled to nearly £5 billion, marking the highest total since mid-2008 and defying market jitters following the Greek bailout earlier this year.

Machinery and transport was the region’s most in-demand sector, contributing more than £2 billion to the total as specialist engineering brands such as Norfolk-based Lotus continued to resonate across Europe. Meanwhile the chemicals, agricultural machinery and manufacturing sectors also made a strong showing in European, US and Asian markets.

Europe continued to shine as the main importer of UK goods and services, accounting for £3.25 billion of total first quarter exports from the region. North America showed that it was still succumbing to the lure of automotive brands such as Lotus, pumping a further £727 million into the economy.

Another regional success story is the East of England’s manufacturing sector. Output and order balances hit their highest levels since 1995 in the second quarter, according to a survey published by EEF, the manufacturers’ organisation, and accounting firm BDO.

Keith Hamilton, head of external affairs for EEF in the East of England, said: “Across the region we are now seeing a broad-based strong recovery, which has to be good news for hopes of an export-led rebalancing of the economy.”

Tom Lawton, head of manufacturing at BDO, said that emerging markets represent a huge opportunity for UK manufacturing: “Businesses which understand their core capabilities and work hard to nurture them, whilst adapting to the rapidly evolving international marketplace, could see growth on an unprecedented scale.”