The Cities Outlook 2017 report has been published today. The report is an annual health-check on UK city economies, with a focus this year on where British cities sell exports across the globe in the context of the Brexit vote.
It highlights that every UK city is critically dependent on EU markets for exports, highlighting the vital importance of securing the best possible EU trade deal. Norwich sold 58% of its exports to the EU in 2014 – well above than the British national average (48%), and significantly higher than the city’s exports to the US (13%) and China (2%). Ipswich is among the least reliant cities on EU markets, but still sold 31% of its exports to EU countries – far exceeding its exports to the US (16%) or China (5%)
Commenting on the report, Julie Austin, International Trade Manager for Norfolk Chamber of Commerce said:
The Cities Outlook2017 highlights that many Norfolk businesses are already exporting overseas, with 58% of Norwich businesses stating that they exported into Europe in 2014. Exports to the rest of the world is also strong. At present our International Department is processing an average of 400 export documents per month for goods going outside of the EU, with a goods value of over £7.6m.
The UK’s decision to leave the EU will impact on the rules and regulations of how to export into Europe. Norfolk businesses will be considering what emerging markets they can access as well as Europe. It is easier than you think to export on a worldwide basis and Norfolk Chamber should be your first point of call to get expert advice and support.”
