Portsmouth Port’s £390m contribution to the national economy
Friday September 6th, 2019
The UK’s most successful municipal port is a vital contributor to the country’s economy, following a report from independent specialists Oxford Economics announced at a Parliamentary reception in Westminster on Wednesday 4 September.
Using data from 2017, the economic impact of Portsmouth International Port was revealed to be worth:
- £390m to the national economy, for every £1m generated a further £1.9m was sustained elsewhere.
- £189m to the local economy, for every £1m generated by the port locally a further £0.4m is stimulated through induced and indirect impacts.
- 5590 overall jobs.
- 2410 in the local area through direct employment and supply chain.
The economic impact report also revealed that the port handled £700m of non-EU trade, through Portico shipping, its international cargo operator, with the value of bananas totalling £330m.
In 2017 Portsmouth was responsible for 50% of the UK’s bananas, since the report this has now increased to 70% after major shipping line Geest relocated back to the south coast port. The report showed that Portsmouth was the top municipal port in the country for managing the most non-EU fruit and vegetables, and the fourth largest overall in the UK by volume for the same goods.
It’s considered the second largest port by volume on the South Coast and the second busiest cross-channel ferry port.
Mike Sellers, Portsmouth International Port director said: “These latest findings validate the investment and vision we, and our customers, have for the future of the port.
“As a local authority owned port we play a vital role in employment for the area and also a critical contribution to the council’s budget, however the importance of the port goes beyond the PO post code. We have an impact nationally and are a crucial trade link for both EU and international goods.
“We also handle the world’s largest wind blades for a major offshore energy company and we play a critical link in the supply chain.
“All of these factors combined coupled with the induced benefits that the port brings, highlights we are a serious contributor and a major UK port.”