More C&W and regional businesses importing and exporting than rest of England
More businesses in Coventry and Warwickshire and the wider region are exporting and importing compared to the rest of England, according to a new report.
The monthly SmartRegion report contains outcomes from the Coventry and Warwickshire Growth Hub’s business engagements, Coventry City Council, Warwickshire County Council, and other business support organisations.
International Trade is under the spotlight this month, highlighting trends, issues, challenges, and future opportunities.
It reveals that whilst the international trade situation in the West Midlands has seen a slight improvement recently compared to previous months, overall it remains of concern.
The recent Business Insights & Conditions Survey by ONS found that 34.1 per cent of West Midlands respondents had exported during the last 12 months which is higher than the national average of 26.8 per cent.
The region remains one of the most likely to export, alongside the East Midlands and Northern Ireland. Among exporters, 14.8 per cent are exporting more while 20.7 per cent are exporting less.
In terms of importing, 44.1 per cent of respondents in the region indicated they have imported during the last year which is again higher than the UK average of 33.2 per cent.
Among businesses that import, 50.2 per cent reported importing at the same level as this time last year, with 13.7 per cent importing more and 12.6 per cent importing less.
The survey also highlights that disruption to global supply chains has eased for some businesses over the last 12 months with 13.2 per cent of regional businesses reporting international supply chain disruptions between February and April this year compared to 32.7 per cent during the same three months in 2022.
Craig Humphrey, the Chief Executive Officer of Coventry and Warwickshire Growth Hub, said that whilst the findings were encouraging, there is more that could be done to help international trade grow further.
“International trade is really important for our sub-region because of the jobs it safeguards or creates as well as providing opportunities for firms to target new markets and increase revenues,” he said.
“It is really encouraging that more businesses in Coventry and Warwickshire have the confidence and expertise to export because with the appropriate international trade support, this could lead to substantial economic growth and job creation for our region.
“But it is important to mention that the full European Union border controls on imports have yet to be fully implemented, and won’t be in place until later this year, which are likely to impact on the extent and volume of imports.
“There is a continued need to support potential exporters on market awareness as well as compliance with administration requirements around customs declarations and other required documentation to prevent any delays which can really hamper businesses.”
Craig said many sectors could benefit from international trade and not just traditional industries like manufacturing.
He added: “As part of the Deeper Devolution Deal between Government and the West Midlands Combined Authority, an international strategy is to be developed to open new overseas markets for West Midlands products and attract millions of pounds worth of direct foreign investment into the region.
“The West Midlands region will partner with the Department for Business and Trade to develop its global trade and investment strategy to build on the relationship established during the Commonwealth Games business and tourism programme which is positive news particularly for the region’s tourism and trade sectors.”