10 UK Export News You Might’ve Missed – Week 24
(Also published on LinkedIn)
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 24 of 2023 — June 12-18, 2023.
General Export News
1. Asia Pacific investors set to pour millions into UK Tech after biggest post-Brexit trade deal
“Cutting edge British tech firms are set to pitch for multi-million-pound deals with Asia Pacific (APAC) investors today just weeks after the UK concluded negotiations with the CPTPP – a £9 trillion combined GDP trade bloc in the Indo-Pacific.
As part of the biggest APAC delegation to ever visit London Tech Week, investors representing funds of over £100bn will meet with UK tech companies as they seek cash injections into innovative new projects, ranging from fintech and clean tech to life sciences and Artificial Intelligence.”
Source: GOV.uk
2. Kemi Badenoch heralds thriving $1 trillion UK tech sector
“Last year, the UK became just the third country in the world to have a tech sector valued at $1 trillion, with more ‘unicorn’ billion-dollar tech startups being created than Germany, France and Sweden combined.
During 2022, fast-growing UK tech companies raised near-record levels of funding at £24 billion.
And in support of this success, Government has committed to £20 billion per year in R&D over the next two years.”
Source: GOV.uk
3. Business leaders, exporters and innovators recognised in King’s Birthday Honours List
“British business leaders, exporters and Department for Business and Trade staff are among the names being awarded for their exceptional service to business, trade, investment, and exports.
Those honoured have proudly flown the British flag and represent a diverse range of businesses and business leaders who have championed a range of our world-leading sectors.”
Source: GOV.uk
4. Blow for British businesses as EU rules out renegotiating Brexit trade deal for years
“The EU’s Brexit chief has ruled out renegotiating Britain’s trade deal until 2026, dashing hopes it could be improved and prevent businesses fleeing the UK.
Maroš Šefčovič said that the trade and cooperation agreement had only been in force for two years and was not yet being used to its full potential.
The deal, signed by Boris Johnson on 30 December 2020, has been criticised by business groups for increasing costs and bureaucracy compared to membership of the EU single market and customs union.”
Source: The Independent
5. The Developing Countries Trading Scheme
“On 19 June 2023, the Developing Countries Trading Scheme (DCTS) will replace the UK General Scheme of Preferences (GSP).
To help you prepare, the following gives guidance on the transition from the current UK GSP scheme that you should consider to ensure you can claim preference on goods arriving in the UK pre and post 19 June. ”
Source: The Institute of Export & International Trade
6. Scotland’s exports outperforming UK as a whole
“SCOTLAND’S exports are outperforming the UK as a whole, fresh statistics show.
Data from HMRC Regional Trade Statistics show that in the year ending March 2023, the value of total international exports was up 17.7% for Scotland on the previous year, excluding oil and gas.
The UK was only up 13.5% over this period.
The stats also showed that all but one of Scotland’s exported commodities increased in value with drink exports rocketing by more than 27%.”
Source: The National
7. ABHI visit to Tennessee strengthens UK-US export collaborations
“Over 15 UK HealthTech innovators are set to make their mark in Tennessee as part of a trade visit organised by the Association of British HealthTech Industries (ABHI) for its 2023 class of US Accelerator companies.
The Tennessee visit will see members participate in a series of meetings, networking events and introductions across Nashville and Memphis – two of the state’s largest cities – to highlight the strengths of the UK’s health technology industry.
Throughout the week, the cohort of UK companies will be showcasing a range of products and solutions to the US market. Meetings will take place with senior leadership from some of the state’s largest hospital systems – including HCA Healthcare, Vanderbilt University Medical Center, Methodist Le Bonheur Healthcare and St Jude Children’s Research Hospital – group purchasing organisations (GPOs), distributors, investors and procurement teams. ”
Source: Medical Plastics News
Food Export News
8. Scottish salmon now Britain’s biggest food export thanks to UK Government backing
International sales of Scottish salmon leapt to £578million in 2022, with the trade body hailing rising consumer demand in the Far East post-Brexit efforts to reduce trade barriers
Scottish salmon is leaping ahead thanks in part to post-Brexit efforts to reduce global trade barriers. And the remarkable economic success story has been celebrated at the heart of the government with a reception in London.
Scottish salmon is the UK’s biggest food export with sales reach £578million in 2022, followed by bread and pastries, chocolate, cereals, and cheese. Recent HMRC figures show that exports to Asia have more than doubled to £24m in the first three months of this year.”
Source: Scottish Daily Express
9. Iceland Ireland told to recall UK products ‘of animal origin’
“The Food Safety Authority of Ireland (FSAI) has served a notice on Iceland Ireland for the immediate withdrawal of imported frozen food of animal origin.
The notice to Metron Stores Ltd applies to products imported into the Republic of Ireland since 3 March.
In addition, the FSAI is directing the company to recall affected products and is advising consumers not to eat any of the implicated food.”
Source: BBC News
10. Tŷ Nant and Welsh Lady Preserves among food producers heading for New York show
“A selection of Welsh food and drink companies are heading to New York to attend the Speciality Food Association’s 2023 Summer Fancy Food Show later this month.
Supported by the Welsh Government, representatives from the companies will be attending the largest speciality food trade event in America from the 25 to 27 June.
Flying the flag for Wales at this year’s event is The Billington Group, Tŷ Nant, Welsh Lady Preserves, Morning Foods and Hilltop Honey.”
Source: Cambrian News
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