As the Welsh Government continues to focus on increasing exports and inward investment from overseas, figures released today by HMRC show that the value of exports from Wales has more than doubled since 1999
This is despite a short term dip caused by a one-off reduction in refined petroleum exports caused by an extended maintenance period at a major Welsh refinery last year.
Exports for this quarter are the highest in value since the first quarter of 2011 – increasing by 4.3 per cent in the second quarter of 2013, and an increase of 7.1 per cent if you strip out energy exports, which were affected by an extended maintenance period at one of the oil refineries in Wales in the last quarter of 2012.
Over the long term, the value of exports for Wales has increased by 101.2 per cent to £6.5 billion, largely driven by exports to non-EU countries which increased by 331.8 per cent. Across the UK, over the same period, the value of exports increased by 79.2 per cent with exports to non-EU countries up 154.3 per cent.
Commenting on these figures, the First Minister Carwyn Jones said: “Businesses in Wales have benefitted from one of the highest increases in the value of exports since 1999 while the value of exports from Wales this quarter are at their highest level since 2011.
“Not only are we working with businesses to develop existing and new export markets, but we are also setting the pace in terms of attracting inward investment projects to Wales – with the number of investment projects increasing by almost 200% last year, according to latest UKTI figures.”
“International trade clearly remains a priority for us and we continue to provide assistance to Welsh businesses at all stages of their efforts to increase exports. This includes a comprehensive programme of overseas trade missions and exhibitions, where we will be taking businesses to markets such as Qatar, China, India, Germany, Russia, Brazil and the USA.’
He added this strong focus on both international trade and inward investment is clearly delivering results as the United Arab Emirates has become Wales’ fourth largest export partner, with a substantial 31.2 per cent increase in exports in the last year.