Region's exports show 3pc drop over year

The value of exports between the final quarter of 2008 and 2009 shrank by 95m, analysis by the foreign exchange team at Close Brothers found.

Across Britain the total value of exports inched up by 28m, or 0.05 per cent, as the nation emerged from recession.

Northern Ireland saw the biggest decline among the British regions, falling by 361m or 22 per cent, and Scotland saw the biggest increase of 13.4 per cent followed closely by East of England on 13.2 per cent.

Mark Taylor, head of foreign exchange at Close Treasury, said: "A significant proportion of UK trade is through overseas exports – equivalent to some 662m a day between October and December last year, making it crucial that exporters pay great attention to currency fluctuations."

America tops the league of countries receiving British products, accounting for 9.4bn of exports during the final quarter of last year, or 15.5 per cent of the total.

This is followed by Germany, France and Holland.