Latest figures released by HM Revenue & Customs today show that exports from the East Midlands for the nine months ending September 2011, have hit £13 billion; the highest level of exports for the equivalent periods for at least four years.  If the trend continues exports could exceed £17 billion by the end of December 2011, equalling the highest level this century.

The figures over the last 12 months show an increase of over 14 per cent (£2.4bn).  And imports have shown an increase of 12.7per cent (£2bn) for the same period.  This left the region with a trade deficit of £574m over the year.

The third quarter of the year saw exports reach almost £4.4 billion which brings the total for the year so far up to £13 billion. The previous quarter’s export figures were £4.15 billion. 

Peter Hogarth, Regional Director for UK Trade & Investment East Midlands, said:

"This is the highest rate of exports since the economic downturn.  We are still on track to hit over £17 billion as firms across the East Midlands embrace the opportunities available overseas.  This positive attitude to exporting is exactly what is going to help the region to grow."

The news comes as Business Secretary Dr Vince Cable and Foreign Secretary William Hague, have launched a UK Trade & Investment campaign to encourage more British companies to export to Asia’s high growth and emerging markets.

In the East Midlands exports to Asia and Oceania – principally China and India – reached £940 million for the last quarter alone, this is more than 19 per cent higher than the same period last year.  Sales to Europe only increased by six per cent in the same period clearly demonstrating the attraction of Asian markets.

By 2030 spending by Asian consumers is expected to be around $32 trillion annually or about 43 per cent of worldwide consumption.

"These are growing economies with ever increasing numbers of businesses and consumers who want and can afford British quality design and products, are brand conscious and interested in trying new things.

"In China alone, another 400 million people are expected to re-locate to the cities in the next 20 years."

Hall-Fast Industrial Supplies based in Newark, is already benefiting from the Asian market after winning an order worth £268,000 with a Chinese firm, with help from UK Trade & Investment (UKTI).

Malcolm Hall, Managing Director and East Midlands’ Entrepreneur of the year, said:

"This order for precision engineered parts for the transport sector was a massive boost to the company and demonstrates the high value that China places on UK manufactured goods.  It means we have been able to invest in new offices and equipment, and helped open the door to many new markets.

"We’ve recently won some small orders in India and we’re also looking to get orders in soon from Singapore. Asian countries can offer very lucrative contracts, so is a part of the world we’re keen to expand in."

Another Nottinghamshire firm which is benefiting from UKTI help and advice and winning orders from all over the world, is baby nasal specialists 4 little1. John Soulsby of the Edwinstowe-based firm said:

"Overseas sales are vital and we’re always looking to expand internationally.  We’ve recently won orders from Romania and Poland, as well as trialling our baby nose-clear product in Shanghai.

"Looking to the New Year, a pharmacy distributor in Malta has asked for a formal agreement to start selling our range.  We’re also looking to get our first ever sales from places like Turkey and Bulgaria and the range is also just starting to get interest from companies in the USA and Brazil.  There’s no limit to countries where we can sell, as the need for parents to have a product which can help their babies breathe, feed and sleep more effectively is universal.

"Our advice for any company which isn’t currently exporting is to contact UKTI who will guide you through your options.  Local UKTI advisors have always encouraged us to seek new markets and advise us on the best way to approach them.  We continue to have regular face-to-face meetings which we find invaluable, as without their help, we wouldn’t be doing any of the above. In fact we see our local advisor, Mandy Rait, as a truly valued member of our team. "

Peter Hogarth added:

"The EU remains the most important market for the East Midlands with a 12-month export value of £8.35 billion, with Germany, Belgium, the Irish republic and France all among the leading export destinations.  North America has also shown gains with annual sales of £2.83 billion.

"East Midlands companies need to continue to rise to the challenge and ‘Sell British’, particularly small and medium sized firms, and to help them do this UKTI have announced a new export competition.

"The winner will receive UKTI support worth £5000 and three grants for overseas travel to their target markets, plus expert business knowledge and insight from sponsor companies HSBC Bank Plc and PricewaterhouseCoopers (PwC)."

To find out more about the Export for Growth Prize and download an entry form, visit www.ukti.gov.uk/exportingforgrowthprize

To find out about events taking place across the East Midlands and the full range of support available through UK Trade & Investment call the East Midlands International Trade Hotline on 0845 052 4001