East Riding businesses export more than half a billion pounds worth of goods to the EU

The latest trade figures from HM Revenue and Customs show that 825 businesses registered in the East Riding area exported goods to countries in the European Union during 2018.
The latest trade figures from HM Revenue and Customs show that 825 businesses registered in the East Riding area exported goods to countries in the European Union during 2018.

East Riding businesses exported more than half a billion pounds worth of goods to the EU last year, figures reveal.

The latest trade figures from HM Revenue and Customs show that 825 businesses registered in the East Riding area exported goods to countries in the European Union during 2018.

Their combined sales came to £561 million – 60% of the total value of exports from the area.

Sales to non-EU countries brought in £375 million over the course of the year.

It means the buying power of the 27 EU member states was worth 1.5 times more to local businesses than trade with the rest of the world.

The figures only include trade in goods, and not services.

More businesses in East Riding export to EU countries than to rest of the world – 825 compared to 520.

The CBI says Yorkshire and the Humber would be particularly vulnerable in the event of a no-deal Brexit, which could force local businesses “to make more difficult choices and faster than those in the rest of the country”.

The industry body predicts a failure to strike a deal could result in a 10% drop in the value of goods and services produced in the region by 2034, which would be an annual loss of £12 billion in today’s prices.

Chemicals, rubber and plastics manufacturers could be among the hardest hit by higher tariffs.

East Riding businesses also imported £739 million worth of goods from the EU bloc in 2018 – 59% of total imports.

Overall, 1,080 companies imported products from the EU, compared to 697 that traded with the rest of the world.

Across the UK, more than 120,000 companies exported £170 billion worth of goods to the EU in 2018, with more businesses exporting within the bloc than outside of it in every region of the country.