Up to 2016, the Northwest Region was the leading exporter in the UK to the Gulf Cooperation Council (GCC) countries, contributing 18% to the total UK’s exports to this region. By 2019, exports have fallen dramatically with the North West ranking 4th, contributing 10% to the total Exports.
However, from 2020 till 2022, exports have shown signs of recovery despite the impacts of Brexit and Covid-19, exporters in the Northwest shown resilience and exports of goods have seen positive signs of recovery and in 2022, exports of goods reached £2.1bn, although we are still far off from the £3bn mark reached back in 2016.
The recovery on the exports of goods in the region is primarily driven by better performance from the machinery sector, which contributes towards 58% of the total exports to the region – although it is worth highlighting that this sector has experienced a steady decline in the past five years. This is followed by a significant increase in exports of chemicals, which have gone from contributing a mere 7% since 2016 to a whopping 20% as of 2022. Lastly, miscellaneous manufactures ranked 3rd, contributing 11%. Whilst it is worth mentioning the increase in the exports of food and live animals by 54%, they continue contribute to about 5% of the total exports to the GCC countries, which is the same as manufactured goods.
Whilst once again reaching £2.1bn in exports is a significant milestone for the region, it is clear the region still has room to continue growing and regain market share lost over the past few years.
Keen to grow your exports, diversify your supply chain or establish a physical presence in the region?
Greater Manchester Chamber has teamed with The Corporate Group, a consultancy based in UAE helping businesses to grow their footprint in this region, for an insightful event taking place on the 21st of November at our HQ in Manchester, where we will explore trade and investment opportunities for companies in Greater Manchester and the North West region.
This event is free and open to members and non-members, but registration is required. As places are limited, please book your slot here!
If you can’t make it, but still want to talk to us about your growing plans in GCC, book a free virtual slot with one of our market experts here