Exports value decreases
NEW figures reveal the value of South West exports decreased in the second quarter of 2012 compared with the first quarter of this year.
HM Revenue and Customs stats reveal total exports from the South West declined by six per cent in the second quarter of 2012, falling to £2,934m.
The drop was particularly noticeable in the value of goods exported to EU nations, still the South West's major export market.
Exports to the EU in the second quarter fell by 10 per cent in comparison to Quarter 1, totalling £1,673million.
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Machinery and transport remained the goods most exported by the region, but even these exports fell by seven per cent to £1,810million.
Phil Cotton, south regional partner at KPMG, which has its Plymouth base at Marsh Mills, said: "Concerns around the stability of the eurozone may account partly for the fall in this quarter's figures.
"With the UK economy experiencing a period of prolonged low growth, exports remain an important way South West businesses can expand, as domestic revenue falls.
"Businesses must turn their attention overseas and target potentially untapped new markets in non-EU and fast growth markets in the BRIC countries.
"Considering an international strategy must be pushed to the top of the agenda."
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