10 UK Export News You Might’ve Missed – Week 39
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 39 of 2023 — September 25th-October 1st, 2023.
Key News:
General Export News:
1.Minister hails ‘world-class’ exporters as new data shows UK businesses reach record highs
“Exports Minister Malcolm Offord has praised the UK’s ‘world-class’ exporters as new data from the Office for National Statistics (ONS) released today (29 September) shows UK exports performed even better than previously thought.
The figures reveal that the UK’s total exports in 2022 were worth a huge £834 billion, putting the UK well on the way to hitting its target of £1 trillion of exports a year by the end of the decade.“
Source: GOV.uk
“The Department for Business and Trade (DBT) will significantly expand the support on offer to Scottish businesses after it announced that new DBT International Trade Advisors are to be hired north of the border.
Once in place, the new Advisors will be responsible for providing tailored, one-to-one guidance and support to Scottish businesses to help them start or expand their exporting journey.
The new resource is intended to complement existing services by expanding the pipeline of exporting companies and should see a further 600-900 companies in Scotland receive help.“
Source: GOV.uk
“The first ever fully digitalised goods shipment yesterday [24 September] landed in Singapore from Burnley after the UK introduced world-leading legislation to make trading cheaper and easier for businesses.
A valve produced by Burnley-based manufacturer Fort Vale set off from Manchester Airport on Thursday, facilitated by UK and Singapore based tech company LogChain, and is set to arrive in Singapore today. For the first time ever, the shipment will be processed entirely digitally, rather than via physical customs documents.
The news comes following the UK’s digital trade agreement with Singapore, which facilitated electronic trade, as well as the introduction of the UK’s ground-breaking Electronic Trade Documents Act (ETDA) which came into force on Wednesday.
The Act made the UK the first G7 country to place electronic trade documents on the same legal footing as paper documents. It is estimated the move could generate £1.14 billion for the UK economy over the next decade, supporting the Prime Minister’s priority of growing the economy.“
Source: GOV.uk
4.UK signs sixth US state deal with Washington State
“The UK and the US state of Washington will today [25 September] sign a new Memorandum of Understanding (MoU) to boost trade and investment.
Washington State is home to major US business including Amazon, Starbucks, Microsoft and Boeing, and has a GDP roughly equivalent to Poland. The MoU marks the sixth delivered as part of the UK’s state-level strategy to boost trade with the US and means that the combined GDP of states the UK has MoUs with now totals £2.2 trillion.“
Source: GOV.uk
“Goods coming into the region which are travelling to the Republic of Ireland or elsewhere in the EU will use the conceptual “red lane”, which includes customs declarations and some checks. Goods to be sold in Northern Ireland will use a notional “green lane” with minimal paperwork and no checks. Companies that use the green lane will be signed up to a trusted trader scheme.
The Windsor Framework has already introduced the same VAT, alcohol duty and energy tax rules as the rest of the UK to Northern Ireland, which did not exist under the Protocol.”
Source: Belfast News Letter
“Cross-border trade is “doable but daunting”, said experts at the eCommerce Expo earlier this week.
A panel featuring industry experts from Google, Meta, Shopline, the Department for Business and Trade (DBT) and the Institute of Export & International Trade (IOE&IT) also said it was essential that businesses put mobile commerce and AI at the forefront of their future international growth strategies.
They were discussing the topic of ‘Cross-border e-commerce: Unlocking global growth’ on the first day of the annual conference, which took place at ExCeL London on 27-28 September.“
Source: William Barns-Graham at The Institute of Export & International Trade
7.Teesside stainless steel firm grows business with £26 million export finance package
“A government credit guarantee has allowed Teesside stainless steel alloy inventor and manufacturer Paralloy to secure up to £26 million of a Santander UK bank guarantee facility to support the continued growth of its export business.
Announced on National Manufacturing Day, the guarantee from UK Export Finance (UKEF) – the government’s export credit agency – allows Santander UK to overwrite a previous facility and increase the amount of facility available to Paralloy from £17 million to £26 million.
Thanks in part to this facility, the company anticipates creating 75 new jobs by 2024, giving a boost to local, high-skilled jobs. This is UKEF’s second guarantee issued to Paralloy through its General Export Facility (GEF), the first of which helped Paralloy create more than 100 new jobs and drive export growth up by more than £30 million.“
8.Customs updates: HMRC’s Advance Valuation Ruling Service is now available for all traders
“HMRC has announced that its Advanced Valuation Ruling Service (AVRS) has been expanded to cover more traders.
According to an announcement from the Joint Customs Consultative Committee (JCCC), agents representing traders who cannot use a Business Tax Account can now use AVRS.
Previously, an account was needed in order to use the service, which provides rulings on the valuation method to be used when importing a product into the UK.
Traders, and the agents who represent them, who are able to use a Business Tax Account have been able to apply for a ruling since April 2023.”
Source: Phillip Adnett at The Institute of Export & International Trade
9.Electric car rules could cost carmakers billions
“New Brexit trade rules covering electric vehicles could cost European manufacturers £3.75bn over the next three years, an industry body has said.
The rules are meant to ensure that EU-produced electric cars are largely made from locally sourced parts.
But manufacturers on both sides of the Channel say they are not ready.
The European Automobile Manufacturers Association (ACEA) also warned the measures could reduce output from EU factories by 480,000 vehicles.“
Source: BBC News
10.Srsly Low Carb launches crowdfunding campaign
“Low carb bakery specialist Keeto Life is kicking off a crowdfunding campaign tomorrow (Friday 29 September) to support the continued growth of its Srsly Low Carb brand, pronounced ’Seriously’.
The investment drive from the Hertfordshire-based business had a soft launch on the Seedrs platform, with the initial target of £200k already surpassed. At time of publication, 173 investors have pledged a total of £225,857.
The investment is also to be used to support an export push, with the company having just announced a deal with Gourmet Foods International to distribute its frozen pizza range (such as its newly introduced Mighty Meat Free Pizza) to supermarkets across the US.“
Source: Bakery Info
Want to get more international trade content straight to your inbox?
Sign up to Expordite Updates or come see us at Going Global Live in November!
