Opportunities remain in Arab states, says chamber
Libya, Saudi Arabia and the United Arab Emirates are providing opportunities for Midlands businesses trading overseas despite the current unrest in the Middle East. That’s according to new figures from the Derbyshire and Nottinghamshire Chamber of Commerce.
The chamber’s figures for January found that businesses from both countries exported more than £3.26m worth of products to Libya, £3.2m to Saudi Arabia and £2.36m to the UAE. In total, local firms exported goods and services worth more than £22.9m during the month.
Qatar, Turkey and Kuwait also saw prominent export growth, but China remained a sluggish market. Overall, the total value of exports in January was £3.7m less than it was in December 2010 and significantly down on November’s £59.6m.
The Export Barometer calculates the actual value in sterling of exports processed by the chamber's international trade team each month.
The findings reflect new UK trade figures released this week, which showed that growth in the international markets was not as strong as expected.
George Cowcher, chief executive of the Derbyshire and Nottinghamshire Chamber, said: “Whilst it is encouraging to see that there are still plenty of international opportunities – particularly in the Arab States – these figures, along with recent national data, would indicate that firms are still not exporting enough.
“We have seen a significant improvement in manufacturing output recently, but this has yet to translate into export growth. Increased export sales will play a key role in the UK’s recovery, particularly given that government austerity cuts are likely to dampen domestic demand, so it is crucial that, as a nation, we ensure that our goods, products and services are successfully sold around the world.”
