South West England’s businesses are increasingly trading abroad but more needs to be done, according to new research by the region’s top economists.

Between 2001 and 2006, exports from South West England grew by 34 per cent, which was faster than the national rate of 28 per cent. The fastest growing areas with which South West business are trading are the European countries outside the EU member states, as well as Africa and the Middle East.

The South West Regional Economic Profile is published twice a year by the Business and Economy Module of the South West Observatory and the South West of England Regional Development Agency (RDA). It shows that since 1999 on average the number of companies exporting goods from South West England has increased by 4.6 per cent per year and the value of goods exported has risen by 6.4 per cent per year (at current prices).

The economists’ research has also found that over the last nine years the construction sector has been growing steadily, reversing the downward trend before 1998. The number of businesses in the construction industry has increased by an average of 2.4 per cent per year.  Spending on research and development by South West businesses has also risen, the economists reveal.

Nigel Jump, chief economist at the South West RDA, said: “Increasing trade with businesses abroad is good news for South West England’s economy. Companies come into contact with better ways of doing things and that can improve efficiency, driving up productivity and creating sustainable jobs.  The data is encouraging, because it would indicate that more of the region’s businesses are becoming more aware of the benefits of international activity.  At the South West RDA we have invested in services such as the Regional Language Network, to encourage companies across South West England to make the most of international markets.”

For further detail and to download a copy of the profile, please go to www.southwestrda.org.uk/region/economy/regional-economic-pr.shtm.

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