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Welsh exports increase by £1.2 billion over the last year

The value of goods exported from Wales in the year to March 2019 reached £17.7 billion, up £1.2 billion (7.5%) compared with the previous year, new statistics published recently show.

The statistics show that Wales saw the 4th largest increase in the value of exports in the UK during the period.

There was an increase in exports to EU countries of £829 million (8.3%) and an increase in exports to non-EU countries of £400 million (6.2%), compared with the year ending March 2018. Exports to the EU accounted for 61.1% of Welsh exports compared with 50.3% for the UK.

Germany continued to be the top export destination, accounting for 17.8% of exports.

Exports from Wales continued to be dominated by ‘Machinery and Transport Equipment’ which made up 49.7% of exports.

Minister for International Relations, Eluned Morgan recently said:

I’m really pleased to see the value of goods exported from Wales increased by more than £1bn in the year to March this year. But we know there’s much more to do, especially in these uncertain economic times.

That’s why my new Department of International Relations and Trade is focussed on promoting Welsh businesses internationally, and supporting them to sell into new and existing markets. Our new international strategy, which I will launch before the summer, will set out what more we will do to sell Wales to the world, securing greater economic prosperity for people and businesses back home.

The statistics also show 61.1% of Wales’ exports go to EU countries, compared with 50.3% for the UK – further proof that we’re more reliant than the UK as a whole on trading with our European neighbours. This is why it’s absolutely vital we do not crash out of the EU without a deal.” 

Minister for Economy and Transport, Ken Skates added:

In the current international climate it is more important than ever to maintain close links with one of our most important markets.

Brexit, if it happens, no matter what form it takes, will mean a fundamental shift in the way many of our companies operate. We are exploring all options and mobilising every possible resource to ensure businesses of all sizes can develop and grow their export markets and access the finance they need to help them adjust and thrive.

I recently announced that our comprehensive package of support for business would be boosted by an additional £121 million via the Development Bank of Wales. We want to help businesses maintain momentum, develop and invest for the future as they navigate the challenges of Brexit.

 

Channel website: http://gov.wales

Original article link: https://gov.wales/welsh-exports-increase-over-the-last-year

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