Wales has performed well in the latest economic figures for jobs and exports despite the current global situation.
When it comes to exports the UK overall has taken a hit due to Brexit and Covid - and now the Russian invasion of Ukraine. It saw the numbers of exporters drop by 0.6% over the last year, their revenues by 0.7% and their employment by 1.3% according to figures from Coriolis Technologies in partnership with the Institute of Export and International Trade.
But Wales showed a more positive picture with exporter numbers up by 0.4% and employment stagnant. There was though a 0.8% fall in revenues.
Alongside Northern Ireland, which remained in the EU Single Market after Brexit, these were the best figures for all nations and regions of the UK.
Kris Makuch, chief digital officer, Coriolis Technologies, said: “Wales appears to be faring the best since Brexit.
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“Our data has indicated a decline in exports and exporters across the UK since last year. Still, Wales exporters are weathering the Brexit storm better than the rest of the UK. Although revenues have declined in Wales over the past 12 months, the numbers of exporting companies have increased, potentially due to Wales’ stable number of construction exporters to EU.
“However, our long-term forecasts in the data show further downside risk because of sanctions and uncertainty in the wake of the Russia-Ukraine crisis.”
There was positive news in the unemployment figures. The rate in Wales fell by 0.1% to 3% - compared to 4% in England and 3.5% in Scotland.
But at 23.6%, the inactivity rate(student, early retirement, long term sick) continues to be above most UK regions and nations - with England (21%) and Scotland (22.5%).
Department of Works and Pensions figures for North Wales showed the number of claimants for Universal Credit had fallen 3% from 60,219 to 58,166 between March 2021 and March 2022. With 18-24 year olds there was a 20% fall from 10,610 to 8,482.
Tony Potter, Senior Employer and Partnership Manager for North and Mid Wales, said: ”The statistics below show a consistent decrease in the number of people claiming benefits over the last 12 months with a significant decrease for those in the 18-24 year old range where they have been supported by schemes like Kickstart.”
Amanda Aldridge, External Relations Manager for North and Mid Wales, said: “With record levels of vacancies across North Wales it’s our top priority to work with employers and jobseeker to match the right job with the right person. We’re continuing to invite businesses, especially in the key industries, such as manufacturing, hospitality and tourism into our jobcentres, and by organising regular jobs fairs, a growing number of jobseekers have been offered jobs on the spot.
"Since February we have held eight jobs fairs across North Wales working with our partners to host 98 employers with 1798 vacancies. 560 immediate job offers have been made either on the day of the events or in the following days.
“More people are getting into work faster, with the latest payroll figures showing the number of people entering work increasing. Importantly our Way to Work campaign has given us all the impetus to support more people into the high level of vacancies currently available in North Wales."
