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17/04/2003
Regional imports suffer £1bn slump
Government figures released today have revealed that the value of regional imports has slumped by around £1 billion over the past quarter.
According the Customs and Excise report, estimates for the fourth quarter 2002 saw regional imports dip £1 billion, or 2%, on the third quarter's figures to £51.4 billion. However, the department says that the decrease is less dramatic when compared to the fourth quarter for 2001, indicating that imports are down by £690 million over the year.
Comparing the figures with the same quarter for 2001 shows an increase of £250 million in imports from EU countries and a decrease of £940 million in imports from non-EU countries. The impact of these changes was spread fairly evenly across the regions, although the East Midlands and London regions saw significant increases (12% and 6% respectively) in total imports from EU and non-EU countries.
Imports to Northern Ireland and the North East regions saw the most significant falls, by 14% and 9% respectively, when compared with the same quarter for 2001.
Total regional exports were down fractionally by £44 million on the results for third quarter 2002, and down a more significant £1.8 billion on the results for fourth quarter 2001, comprising £1 billion fall in exports to non-EU countries and £800m fall in exports to EU countries. London region saw the most significant rise in exports to EU countries, up £400 million on fourth quarter 2001 figures.
Estimates for the first quarter 2003 will be published on 17 July 2003.
(GMcG)
According the Customs and Excise report, estimates for the fourth quarter 2002 saw regional imports dip £1 billion, or 2%, on the third quarter's figures to £51.4 billion. However, the department says that the decrease is less dramatic when compared to the fourth quarter for 2001, indicating that imports are down by £690 million over the year.
Comparing the figures with the same quarter for 2001 shows an increase of £250 million in imports from EU countries and a decrease of £940 million in imports from non-EU countries. The impact of these changes was spread fairly evenly across the regions, although the East Midlands and London regions saw significant increases (12% and 6% respectively) in total imports from EU and non-EU countries.
Imports to Northern Ireland and the North East regions saw the most significant falls, by 14% and 9% respectively, when compared with the same quarter for 2001.
Total regional exports were down fractionally by £44 million on the results for third quarter 2002, and down a more significant £1.8 billion on the results for fourth quarter 2001, comprising £1 billion fall in exports to non-EU countries and £800m fall in exports to EU countries. London region saw the most significant rise in exports to EU countries, up £400 million on fourth quarter 2001 figures.
Estimates for the first quarter 2003 will be published on 17 July 2003.
(GMcG)
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