East Midlands growing exports

Trade is on the increase in East Midlands, good news for the economy
Sci Tek is one company benefitting from the increase in trade Photo: ITV Central

Exports from the East Midlands have reached their highest level in the first quarter for 6 years.

They hit £4.6 billion in the first three months of 2012 up from £3.5 billion in 2010. It means the region’s businesses are back in the black, exporting more goods than they imported for the first time since 2006.

Exports to emerging markets in Asia, India and China broke through the £1 billion pound mark for the first time but European exports are down.

One of the companies benefiting from international markets is SCITEK in Derby who specialise in research and development.

They are in the final stages of a £1.2 million pound deal with a Chinese firm to supply a neutron radiography machine.

It creates 3D images of the interiors of objects.

The region’s UK Trade and Investment Director Peter Hogarth warns that although more figures are up, they could be even better.

“Our number of exporters are down for the same period last year, showing fewer companies are taking advantage of the opportunities overseas.

With this in mind, we urge local companies to consider whether they could be engaging in export.”

– Region UK Trade and Investment Director Peter Hogarth