With the Government’s recent decision to approve expansion of Heathrow Airport having been welcomed as offering a post-Brexit boost for exporters, it is easy to forget that more than £7 million worth of goods are traded through nearby Gatwick Airport.
Now a new report aims to highlight the role of Gatwick in supporting international trade.
Published by Oxford Economics, Gatwick’s Economic Contribution Through Trade and Investment examines the contribution that the airport makes to the British economy through its role in facilitating international trade and investment, both directly and indirectly.
Air cargo operations saw some 97,000t move through the airport in 2017, with an estimated value of £7.5 billion in international goods transported between the UK and overseas markets.
Exports from the UK accounted for 70% of that trade value, imports making up the other 30%.
Oxford Economics calculates that, once multiplier impacts are taken into account, the trade activity centred on Gatwick Airport added £7.2 billion to the UK’s gross domestic product (GDP) last year.
Those multiplier activities also helped, claims the report, to sustain 113,800 jobs across the UK.
Much of the region’s economic activity is centred around the airport, which is why there is a greater concentration of company headquarters clustered in the region around Gatwick than in London noted former Transport Minister Steve Norris, who is now Chair of the Gatwick Growth Board.
Those high-value industries attract significant foreign investment and trade activity, he added, with access to international markets being a key reason why they invest and locate in the region.
Commenting for Gatwick Diamond Business, which represents businesses across the region, Chief Executive Jeremy Taylor said that, while the report highlights Gatwick’s important role supporting regional exporters, it also shows that much more can be done to promote the airport to other businesses and cargo companies.
