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According to recent figures from HM Revenue & Customs, companies in the East of England and Cambridge have exceeded the £25 billion for exports. The data reveals that exports from the region account for almost 10 percent of the UKs exports.

In the year up to September 2011, the value of exports from Cambridge and the East of England totalled £26.56 billion, a 20 percent increase on totals for the same period in 2010. The same period revealed an increase of 28 percent of exports to the EU despite problems in the Eurozone. London was the only city to show a faster rate of growth.
Exports to areas outside the EU also increased, with exportation to Eastern European countries rising by 80 percent to reach £702 million. Latin American exports rose 22 percent to reach £386 million and an increase of 13 percent in exports to Asia and Oceania, reaching £3.17 billion.

According to Liz Basing, the International Trade Director of UKTI for the East of England, said that the region is performing better than other areas of the UK, with only London exceeding performance. She also said:

“But the reality is that not enough SMEs export their products and many of our smaller firms are missing out. Many more SMEs can be part of this growth story and could be looking overseas for new business opportunities. There is a whole world out there!”

UK Trade and Investment has launched a competition, ‘Export for Growth’ to encourage SMEs to come forward with export ideas and expand their opportunities for business growth.

About The Author

Gary Fields

Content Writer working alongside our expert accountants to bring you the latest Tax and Accounting news.

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