MANUFACTURERS are the most valuable exporting sector for the Yorkshire and Humber mid-market, trading more than £1.3bn goods to international markets each year, according to research by accountancy and business advisory firm BDO LLP.
The new figures show that Yorkshire and Humber is the only UK region where the export value of medium-sized manufacturing firms is higher than that of consumer markets or financial services, accounting for a third (32.5 per cent) of all exported goods and services out of the region.
Consumer markets, which include retail, wholesale and leisure companies, nearly equal the export value of manufacturers but fall slightly short at £1.2bn. The professional services sector follows but the value plummets to £470m – less than half the worth of the two leading sectors.
In total, the region’s medium-sized businesses export more than £4bn each year. Despite making up less than 1 per cent of all firms, they’re responsible for £1 of every £4 exported from Yorkshire.
Terry Jones, partner and head of BDO LLP in Yorkshire, said medium-sized firms are still under-valued when it comes to their contribution to UK growth and economic recovery.
“As policy makers strive to rebalance the economy, it’s important to recognise that regional mid-market firms contribute significantly,” he said.