The West Midlands goods exports is set to outpace Germany, with annualised growth of 8.1% compared to Germany’s 2.3% by 2017.
West Midlands boosted by non-EU trade corridors
- The area is emerging as an export powerhouse, as it is on track to grow goods export faster than any other UK region by selling high-end engineering far outside Europe
- West Midlands engineering goods export is forecast with annualised growth of 4.8%, worth £6.9 billion in 2017, compared with £5.5 billion in 2012.
- The East Midlands is following this trend, with forecast growth of 6.1% by 2017
- The largest UK goods exporters, London and the South East, are failing to match this rapid growth
- Wales is forecast to be the UK’s worst performing goods exporter with forecasts of -3.1% between 2012 and 2017
- The Midlands has set the gold standard for UK goods exporters, demonstrating the benefits of a targeted export strategy at the niche manufacturing end of the automotive and engineering sectors
- China is now the West Midlands second largest export partner and is forecast to be the largest by 2017