8 June 2012

Wales Exports A Shining Star In The UK

It was released yesterday statistics by HM Revenue & Customs relevant to the welsh economy.  The economic statistics delineate that Wales exports is at an economic value of £3,312m in the first quarter of 2012, which shows an increase from the last quarter of 2011 which was  £3,298m. The excellent news follows on as Wales was the only UK Country to have increased its exports and in this current economic uncertainty. Nevertheless, in comparison with the last 12 months Wales exports increased by 5%, while the UK grew by 8.5%.  It follows that Wales exported £13.3bn worth of goods in 2011.

But when analysing the UK export regional share output, only Scotland and the North East regions were able to match Wales where the economy generated exports that outweighed imports in the last 12 monts.

Wales top five export destinations are the US, Ireland, Germany, the Netherlands and the United Arab Emirates. It follows that more than a quarter of Welsh exports (26.4%) are now shipped to the US. The £3.5bn of goods exported to the US was 14.1% over previous year to March.

The majority of the goods exported to the US were in the petroleum products and related materials category (worth £330m), although £159m of power generating machinery and equipment.

Following the statistics, it shows that around 59% of all its exports are being exported to outside the EU.  Wales Business Minister Edwina Hart following the publication stated: “Exports can be notoriously volatile, but these latest figures show Welsh exports holding up well, and indeed showing a small improvement, in this most challenging global climate”.

Original source