Figures released by HM Revenue &Customs (HMRC) for January to March 2014 show that £3.104bn worth of goods were exported from the region - an increase of £141m, or 4.75%, compared to the same period last year.

There was also a 1.22% increase in the 12-month rolling total, from £11.58bn up to end of December 2013 to £11.723bn in the 12 months up to the end of March 2014 – the second highest of all the English regions. The UK average showed a fall of 0.81%.

Canada, Cyprus and Pakistan are proving particularly lucrative for local exporters.

Exports from Canada are now at £224.22m, up by 31.9% on this time last year, exports to Cyprus are now at £11.5m, up by 29.45% on last year and exports to Pakistan are now at £6.27m, up by 21.2% on last year.

David Coppock, UK Trade & Investment (UKTI) regional director, said: “Trade within the Commonwealth is estimated at £300bn a year and the Commonwealth Games will provide further opportunities to boost this trade.

“The latest statistics show the North-east continues to overcome economic hurdles and rise to the challenge to grow.”

The HMRC statistics show that the region is one of three, which continue to grow, having the second highest percentage increase in exports in England.

The Netherlands remains the largest single market for Northeast goods with a 12-month export value of £1.62bn up to the end of March 2014.

The region’s other top markets are: USA at £928m, France at £886m, and Spain at £794m and Russia at £729m.

The fastest growing markets for the North-east for the year ending March 2014 were: Hungary at £91m following a 346% increase of £70m; Belgium at £498m following a 162% increase of £309m; Morocco at £51m following an 32% increase of £12m and Finland at £162m following a 53% increase of £56m.

The region’s top five industry sectors in the last 12 months were: Road vehicles; medicinal and pharmaceutical products; iron and steel; organic chemicals and specialised machinery.

The Commonwealth baton will pass through Newcastle/Gateshead before stopping off at Alnwick Castle in Northumberland on Friday, June 13 on what is the final leg of its two-week journey across England. It will then cross the border into Scotland.

The 2014 Commonwealth Games are being held in Glasgow from July 23-August 3.

Mr Coppock added: “Our role at UKTI is to make sure companies continue to export and make the most of any opportunities available.

“This is why we need to maximise the opportunities that the Commonwealth Games will bring, which is why UKTI is working closely with Scottish Enterprise, the Scottish Government and the Commonwealth Business Council to deliver a business conference in Glasgow.

“This aims to attract more than 200 business CEOs and political leaders from across the commonwealth, ahead of the opening of the games, and will provide a platform to look at the issues and opportunities that businesses from across the Commonwealth face in moving forward.”

Source: Gazette Live