10 UK Export News You Might’ve Missed – Week 29
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 29 of 2024 — July 15th-21st, 2024.
Key News
-
Rachel Reeves champions benefits of China trade as UK maintains open economy stance
-
NI’s access to GB and EU markets must be ‘unfettered and clear’ – MLA
General Export News
1. UK “open for business” as Trade Secretary heads to G7
“The UK is back on the world stage and “open for business”, the new Business and Trade Secretary Jonathan Reynolds will tell a meeting of G7 ministers and businesses today.
On his first international visit in the role, he will tell counterparts at the G7 Trade Ministerial Meeting in Italy that a new level-headed approach on the world stage will allow UK businesses to plan for sustained investment and economic growth over the next decade.
“My message to you today is simple – Britain is back. A confident, outward-looking, future-facing UK is ready and willing to play our part on the international stage.“
Source: GOV.uk
2. UK delegation seeks to enhance trade with Guatemala through competitive financing
“UKEF provides competitive financing to British companies to trade internationally and to overseas buyers of UK goods and services to facilitate access to the UK’s high-quality supply chain. The delegation consists of Emma Thomas, Co-Head of Global Business Origination George Hames, Regional Head of Business Origination for the Americas and Gerson Pérez, Country Head for Central America, and the Dominican Republic.
Delegates will learn about public and private infrastructure projects that could benefit from UKEF’s services, including the Guatemalan Government’s plans for the international airport, modernisations of ports, construction of state buildings, metros and more. UKEF-backed loans have helped governments and businesses to secure financing for projects worldwide and it has £4-5 billion of untapped market capacity for Guatemala.“
Source: GOV.uk
3. UK delegation seeks to enhance trade with Honduras through competitive financing
“UKEF provides competitive financing to British companies to trade internationally and to overseas buyers of UK goods and services to facilitate access to the UK’s high-quality supply chain. The delegation consists of Emma Thomas, Co-Head of Global Business Origination George Hames, Regional Head of Business Origination for the Americas and Gerson Pérez, Country Head for Central America and the Dominican Republic.
Delegates will learn about public and private infrastructure projects that could benefit from UKEF’s services, including the Honduran Government’s plans for the dry corridor, dams, hospitals and more. UKEF-backed loans have helped governments and businesses to secure financing for projects worldwide and it has £2-3 billion market capacity to support projects in Honduras.“
Source: GOV.uk
4. Russia’s war threatens food security: UK statement to the OSCE
“Ukrainian grain exports are crucial in ensuring global food security and the resilience of global grain markets. Before Russia’s illegal full-scale invasion, Ukraine accounted for around 10% of global wheat exports and 12% of corn and barley exports.
Russia has cynically attempted to prevent Ukraine from exporting its grain, prioritising its own aims above global food security. In 2023, it deliberately obstructed and then withdrew from the Black Sea Grain Initiative, after which it deliberately attacked Ukraine’s grain storage and export infrastructure.
However, these attempts have failed. Ukraine’s military successes have now pushed back Russia’s Black Sea Fleet, enabling it to resume exports from its Black Sea ports. Since last summer, Ukraine has exported 36 million tonnes of agricultural produce and 17 million tonnes of other cargo through the Black Sea. Through all routes, Ukraine has now exported all its harvest from 2023.“
Source: GOV.uk
5. UK faces £5.4bn trade deficit for MedTech products
“The UK had a trade deficit in MedTech products of £5.4 billion in 2023, government figures have revealed.
‘Life sciences competitive indicators 2024’, published by the Department of Health and Social Care on 11 July 2024, show that the value of imports exceeded the value of exports by £5.4 billion.
The value of UK exports of MedTech products in 2023 was £10.1 bn, an increase of £0.5 bn (5%) since 2022.
In 2023, the UK ranked eleventh for exports amongst comparator countries, with an export value of £10.1 bn.
The US, China and Germany have consistently been the top three comparator countries since 2013, with the value of the US’s MedTech exports in 2023 (£68.0 bn) being more than six times that of the UK for the same year.“
Source: Digital Health
6. Harland & Wolff deny asking UK Government for 100% guarantee on £200m loan
“Harland & Wolff has denied ever asking the UK Government for a 100% guarantee on £200 million of borrowing the Belfast shipyard owner is seeking from commercial lenders.
The company claimed it only ever applied for a standard 80% guarantee under the UK Export Finance Export Development Guarantee (EDG) scheme.“
Source: The Irish News
7. Rachel Reeves champions benefits of China trade as UK maintains open economy stance
“Rachel Reeves has underscored the advantages of trading with China, indicating that the UK government is unlikely to implement punitive tariffs on imports from the world’s second-largest economy.
In her first interview since becoming Chancellor, Reeves told Bloomberg, “We are a small, open trading economy, and we benefit from those trade links with countries around the world, both for exports and imports, but also for foreign direct investment.
“Our approach is to trade and cooperate where possible and to challenge where necessary. However, we do not want to close the UK economy to imports and exports. We benefit from those trade links globally, including with China.”
This stance contrasts sharply with the United States, which has imposed a 100 per cent tariff on imported electric vehicles from China, and the European Union, which has similarly increased levies on Chinese goods.“
Source: Business Matters
8. THE OUTLOOK OF INTERNATIONAL TRADE FOR THE FOOD AND DRINK SECTOR
“The UK’s food and drink sector stands at a pivotal point in its international trade journey. In 2023, the sector’s export value hovered below £25 billion. This reflects a 2% decline compared to the year before. While uncertainties persist, British exports continue to show resilience. To unlock the full potential of international trade, UK businesses need practical support.
When the UK left the EU, it brought about a degree of uncertainty for the food and drink sector. Changes in trade agreements, regulations and tariffs all impact the supply chain. Businesses had to adapt to the new trade environment. Some businesses explored domestic opportunities. Others diversified their distribution channels and customer and supplier bases.
Outside of Europe, opportunities continue to lie in solidifying current trade relationships. Now, we are trying to forge new partnerships with the US, Canada, Australia, and the Middle and Far East. Trading with each country/region brings its own challenges and opportunities.”
Source: PKF Francis Clark
9. Northern Ireland’s Food Security Must Be A Priority
“EAST Londonderry MLA Claire Sugden has said ensuring Northern Ireland’s food security must be a priority for the Minister of Agriculture Environment and Rural Affairs.
Ms Sugden said that despite some foods being produced in Northern Ireland at levels above local consumption, such as meat and dairy, sustainable and reliable food supply chains were needed to ensure the export of our own produce, while importing those foods unable to be produced here.
“Growing more of the food we currently import should be explored – climate-permitting – but where this is not possible, having strong trade links to other countries, and Great Britain and the Republic of Ireland, is needed.
“Agriculture is Northern Ireland’s biggest industry and we feed many more people than live in Northern Ireland with our current meat and dairy industries. Ensuring these can be exported abroad, across the border or to GB is essential, as is the transit of food products, fertiliser and feed to Northern Ireland.“
Source: Business Eye
10. NI’s access to GB and EU markets must be ‘unfettered and clear’ – MLA
“MLA Claire Sugden has said that Northern Ireland must “make the most” of the situation it is in, and ensure that access routes to the GB and EU markets are “unfettered, clear and sustainable”.
The east Derry MLA said agriculture is Northern Ireland’s biggest industry and it feeds many more people than live there with its current meat and dairy industries.
“Ensuring these can be exported abroad, across the border or to GB is essential, as is the transit of food products, fertiliser and feed to Northern Ireland,” she said.“
Source: Agriland
Want to get more international trade content straight to your inbox?
