10 UK Export News You Might’ve Missed – Week 38
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 38 of 2023 — September 18th-23rd, 2023.
Key News:
General Export News
1. Government unveils new Board of Trade with UK’s top CEOs
“Business and Trade Secretary and President of the Board of Trade Kemi Badenoch has today [Wednesday 20 September] announced a refresh of the Board of Trade at the meeting of one of the government’s highest profile advisory bodies on trade and economic issues.
As well as senior leaders from top global companies and innovative UK businesses, such as Tufan Erginbilgiç Chief Executive Officer of Rolls-Royce, and Sir Lucian Grainge, Managing Director of Universal Music Group, the refreshed Board of Trade will include thought leaders with an expertise in trade and the economy, including Lord Mayor of London Nicholas Lyons and Karen Betts, Chief Executive of the Food and Drink Federation.”
Source: GOV.uk
2.The Electronic Trade Documents Act is coming into force
“The Electronic Trade Documents Act (ETDA) comes into force this week, after receiving Royal Assent just under two months ago in July. It’s potentially a landmark moment for UK trade, with various industry experts describing it as a “game-changer” and the as “missing piece in the jigsaw”.
The legislation itself gives digital versions of certain key trade documents – like bills of lading and promissory notes – equal legal standing to their paper equivalents in English and Welsh law. However, its scope is potentially much larger.”
Source: William Barns-Graham at The Institute of Export & International Trade
3.Online sales set to rebound, m-commerce on the rise and the latest from the IOE&IT-led commission
“”Getting SMEs that are not currently selling overseas to start exporting using online marketplaces could boost the UK economy by £9.3bn, a report by the Social Market Foundation in 2022 found.
The same paper found that there are currently 70,000 SMEs that fall in this bracket.
In a new monthly feature, the IOE&IT Daily Update will look at the UK’s progress in getting these SMEs to start exporting online, as well as the latest trends and stats from the e-commerce sector.”
Source: William Barns-Graham at The Institute of Export & International Trade
4.Forging strong ties: IOE&IT and ICCIUK pledge to support international trade in MoU
“The Institute of Export and International Trade (IOE&IT) and the Italian Chamber of Commerce and Industry for the UK (ICCIUK) have today (18 September) signed a Memorandum of Understanding (MoU), in a commitment to jointly support trading activities beyond Italy and the UK.
IOE&IT director general, Marco Forgione, and ICCIUK president, Alessandro Belluzzo, signed the agreement at the Chamber’s London office.”
Source: Danielle Keen at The Institute of Export & International Trade
5.London based scrap metal exporter secures eight-figure funding from HSBC UK
“Independent scrap metal exporter Global Metcorp has secured a $35m (approx. £28m) funding package from HSBC UK to help finance its purchases of scrap metal for recycling.
The Harrow based business is helping to reduce the need to source raw material products, which equate to 766 kg of CO2 per ton of scrap metal on average, by facilitating the recycling of the metal. Once scrap metal has been purchased, it is sent overseas to be recycled and used for new products.
The new funding is backed by a General Export Facility from UK Export Finance, the UK’s export credit agency, and is predicted to generate year-on-year turnover growth of 10 per cent.”
Source: BDaily News
Food Export News
6.UK food and drink export values reach record levels in first half of 2023, while volumes fall
“New data published by the Food and Drink Federation (FDF) suggests that the value of the UK’s food and drink exports has risen to an all-time high of £12bn during the first half of 2023, Food Manufacture reports.
The FDF Trade Snapshot finds that exports in the sector are up almost £0.5bn on the same period last year, a rise of nearly 4%. The organisation finds 7.6% growth in the value of exports to the EU, with food and drink exports to Ireland rising by 9.5%.”
Source: The Institute of Export & International Trade
7.Aussie Beef & Lamb brand launches in UK to offer point of difference
“The Aussie Beef & Lamb (ABL) brand is launching in the UK following the historic UK-Australia Free Trade Agreement (FTA) June 2023 with the aim of offering a point of difference for UK foodservice professionals looking for ‘high quality, consistent and sustainable’ red meat that complements British product.
The Aussie Beef & Lamb brand is used to promote Australian red meat across export markets, representing beef, lamb, goat and veal.
The aim for the ABL brand in the UK market is to service a percentage of the 400,000 tonnes of beef and 80,000 tonnes of sheep meat that is already imported into the UK from overseas countries each year. The UK currently imports 30% of its red meat from overseas from regions such as Eastern Europe, New Zealand and South America.”
Source: Craft Guild of Chefs
8.Mackie’s ice cream exports surge, Taiwan tops table
“Mackie’s of Scotland hiked exports of its ice cream by 37% to a record £2.8 million in the year to May, with Taiwan its biggest overseas market.
The company, based on the Mackie family’s Aberdeenshire farm, said it had enjoyed its “strongest showing” in East Asia, with Taiwan, South Korea, China, Hong Kong, Singapore, and Japan accounting for 95% of its total export sales.
Mackie’s exports to 13 countries, with its other overseas markets including the US and the Gulf states of Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, and Dubai.”
Source: The Scottish Farmer
9.Webinar will highlight top tips on exporting red meat to Canada
“Red meat businesses will be able to access key advice on exporting to Canada during a webinar on 19 October.
The event will provide an overview of the key points to consider, including tips for route to market, compliance and customs clearances.
Participants will also be given access to information about imports, sanitary and phytosanitary (SPS) measures, labelling requirements, documentation, and checklists to help ensure they are in the strongest possible position to maximise the export opportunities that Canada presents for UK pork, beef and lamb.”
Source: AHDB
10.British food and drink exports down as inflation takes toll
“British food and drink exports have brought more money to the economy, despite a slump in volumes.
The sector saw export sales rise to £11.9bn in the first half of 2023, from £11.5bn in the same period in 2022, according to the latest Food & Drink Federation figures
Sales volumes of pork were down 23% compared with H1 last year, followed by beef (–22.8%), whisky (–19.7%), chocolate (–16.3%) and gin (–12.4%).
Cheese exports fell by 3%, but the dairy product was still Britain’s top food export and worth nearly £400m in the first half of a year marked by shoppers heavily trading down.
Source: The Grocer
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Photo credit: The feature image infographic has been provided by FDF.