10 UK Export News You Might’ve Missed – Week 11
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 11 of 2024 – March 11th-17th, 2024.
Key News:
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British businesses to benefit as UK launches new trade talks with Turkey
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Surge in sale of UK-made cars to Russia’s neighbours shows how it’s beating sanctions
Export News:
1. UK signs trade pact with second biggest US state – Texas
“The UK will today [Wednesday 13 March] sign a trade pact with Texas to boost trade and investment ties between the UK and Texas, as Business and Trade Secretary Kemi Badenoch welcomes Texas Governor Greg Abbott to London.
Texas has the second largest US state economy, with a GDP of £1.9 trillion in 2022 – larger than Italy, making this the UK’s most economically significant trade pact with a US state to date.
The pact aims to help make it quicker, easier, and cheaper for UK and Texas firms to do business by tackling trade barriers, growing investment, and driving commerce between the UK and Texas.
The UK is Texas’ 8th largest international goods export market, with total trade in goods already worth £14.7 billion in 2023. The top products being exported to Texas include nuclear equipment, aircraft, and pharmaceutical products. “
Source: GOV.uk
2. British businesses to benefit as UK launches new trade talks with Turkey
“The UK today [Thursday 14 March] launches talks with Turkey on a new, modernised trade deal targeting the services sector set to benefit businesses across the country.
There are huge opportunities as Turkey has one of the fastest growing economies in the OECD and is home to 85 million people. The UK and Turkey have a strong economic relationship, with trade between the two worth almost £26 billion in 2022.
The new trade deal will replace our current one, which was largely negotiated in the 1990s. It will focus on the UK’s strengths in services, which make up 80% of GDP. In 2020, 57,000 UK jobs were supported by exports to Turkey – 68% of which were in services. “
Source: GOV.uk
3. UK introduces new export controls on emerging technologies & amends existing export controls
“The UK has amended the Export Control Order 2008 and Council Regulation (EC) No 428/2009 (the assimilated dual-use regulation) pursuant to the Export Control (Amendment) Regulations 2024 (notice) (coming into force from 1 April 2024) to do the following:
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introduce new controls on emerging technologies in the UK, including quantum, cryogenic, semiconductor, additive manufacturing, and advanced materials;
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implement technical updates made to the Wassenaar Arrangement munitions list, as agreed in December 2023; and
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implement updates made to the Wassenaar Arrangement dual-use list, the Australia Group, Nuclear Suppliers Group, and the Missile Technology Control Regime, as agreed in December 2023.“
Source: Global Sanctions
4. Surge in sale of UK-made cars to Russia’s neighbours shows how it’s beating sanctions
“While direct British car exports to Russia have fallen to zero following the invasion of Ukraine in 2022, that collapse has been followed by a corresponding increase in car exports to countries neighbouring Russia, most notably Azerbaijan.
Our analysis, based on official HMRC trade data, finds that the UK exported £273m of vehicles to Azerbaijan last year, a 1,860% increase compared with the five-year period preceding the invasion.
British carmakers insist that they are no longer selling cars to Russia. And the government data, collected by the HMRC on all goods leaving the country, do not constitute proof that the cars ended up in Russia. It is impossible to track each British consignment once it has left port, especially once it has arrived at a third country.“
Source: Sky News
5. Weak start to 2024 for UK exports
“The start of 2024 saw a further drop in goods exports, but an increase in imports. Services trade was broadly flat for January, but this was an improvement on the decline in these exports, to the tune of 4%, which marked the final quarter of 2023.
On the chained volumes measure, which removes the effects of inflation, overall, UK goods exports fell by 2.2% (£0.5bn) in January compared to December.
Goods exports to non-EU countries fell by 4.3% (£0.6bn) but this was offset by goods exports to the EU – which increased by just under £0.1bn. The value of fuel and chemicals exports to the EU rose during January, offset by lower values of exports in machinery and transport equipment, including cars and aircraft.“
Source: Punchline
6. British manufacturers enjoy Brexit bonus in £20 million exports boost
“British manufacturing is witnessing a Brexit boost as sales rocket in the EU, Middle East and Far East, and the lifeblood of the UK economy flows once more.
Major players in automotive, aerospace, construction, electrification, and renewables are backing UK innovation and quality, creating hundreds of new jobs.
The Manufacturing Assembly Network, set up to bang the drum for British manufacturing, has seen a £20 million increase in orders including high-profile export contracts.“
Source: Express
7. British farmers export no beef to Australia under UK’s first post-Brexit FTA
“British farmers have been unable to export any beef to Australia under the UK’s first post-Brexit free-trade agreement (FTA), it has been revealed.
The trade deal, which was signed in December 2021, was heralded by Boris Johnson and Liz Truss as marking a step-change in the way Britain trade with the rest of the world.
However, almost three years on, UK exporters have been unable to shift a single slither of beef due to the deluge of red tape, while Australian farmers have shipped 1,700 tonnes to the UK, despite questions being raised over the quality of the meat infiltrating the market.“
Source: The London Economic
8. The 50 Welsh export champions driving impressive growth in overseas markets
“For the Welsh economy to thrive it needs more firms winning orders for their products and services overseas.
And here we feature Welsh export champions that are doing just that by driving impressive growth in overseas markets ranging from food and drink to fintech and manufacturing.“
Source: Wales Online
9. UK-India trade deal talks put on ice until end of spring
“UK-India trade deal, originally scheduled to conclude before Diwali in October 2022, have been put on ice until after India’s general election later this spring following the failed final efforts to find a breakthrough. UK Prime Minister Rishi Sunak stressed in a call this week with Narendra Modi, his India counterpart, that the discussions had to yield “an ambitious outcome on goods and services”.
Source: FT
10. Stairlift firm with global reach scoops export award
“SUSTAINED growth in global sales has helped Steeton-based Acorn Stairlifts win the export award at the 2024 Insider Made in Yorkshire Awards.
Founded in 1992, the business now exports its British-made stairlifts to more than 80 countries worldwide, with branches and distribution networks established on four continents. Acorn’s latest set of annual results show that 72.5 per cent of its annual turnover is now generated by overseas trade, amounting to just under £178 million.
The results helped Acorn win the export award at the Made in Yorkshire Awards, organised by national business-to-business media company Insider. The judges commended “Acorn’s continued export growth and agility in responding to supply chain issues, as well as its market-leading position in North America – a rare achievement for a UK-based manufacturer”.
Source: Craven Herald
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