New research, commissioned by the Department for International Trade and carried out by the Fraser of Allander Institute (FAI) at the University of Strathclyde has estimated that nearly 6.5 million jobs in the UK are supported by exports.
The research, released on 10th March, also estimates that exporting business is on average higher-paying and more productive than other businesses, with wages around 7% higher than the national median and goods-exporting businesses 21% more productive, according to the ONS.
An additional paper released today shows the number of jobs supported by nationally export-intensive industries, broken down by constituency. It shows that in Beverley and Holderness there were some 4,060 jobs (12% of the total number of jobs in the constituency) in industries that were export-intensive at a national level in 2019.
The research is accompanied by a new report from the Government’s Board of Trade – which Beverley and Holderness MP Graham Stuart advises in his position as Exports Minister – which prescribes a series of policy fixes to unlock the UK’s full exporting potential and propel a trade-led recovery from Covid-19. This includes new export targets and better support for companies looking to expand their business globally.
The report also advocates deeper trade ties with faster-growing nations outside Europe, with nearly 90% of world growth expected to be outside the EU in the next 5 years. Of the 6.5 million jobs in export-heavy sectors, 3.7 million are supported by exports going outside the EU.
Graham Stuart commented;
“This is a realty interesting report which really lifts the lid on the value of exports to the UK economy. By tapping into companies’ exporting potential, we can create new skilled and well-paid jobs across the country – including in my constituency – which can help us recover from Covid-19.
“It’s my job as Exports Minister to encourage businesses to explore these opportunities and put in place support to help them do so – such as by providing advisers across the country and making it easier to access trade shows.”
Liz Truss, International Trade Secretary, added;
“This report shows how Global Britain will deliver jobs and growth across the UK, particularly in areas like the north-west and north-east of England.
“Export-led jobs are more productive and higher-paying, but currently too few businesses export. This potential can be liberated through more trade deals and by pursuing policies that drive an export-led recovery.”
- Enjoy Cake At Beverley Building Society’s Jubilee Tea Party
- Top Ways To Educate Entrepreneurs On How To Start A Business In Today’s Age
- Hundreds Attend Molescroft Beverley Petanque Club Open Day
- Walk And Drink Wine For A Good Cause In Support Of Local Hospice
- Residents Efforts Acknowledged With Molescroft Millennium Award