10 UK Export News You Might’ve Missed - Week 45

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week 45

In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 45 of 2023 — November 6th-12th, 2023

Key News:

General Export News:

1. New Welsh Export Champions announced by UK Government

“Nine new Export Champions for Wales have been announced by the UK Government at the start of International Trade Week 2023.

Representing key sectors in the Welsh economy including manufacturing, AI and FinTech, the new Export Champions will promote the benefits of exporting and encourage other companies across Wales to consider selling to overseas markets. “

Source: GOV.uk

2. UK dairy industry to be boosted by new export programme

“The UK’s dairy industry is set to be boosted by a brand-new programme to increase exports, the Government announced today (9 November).

The Dairy Export Programme, which Minister for Exports Lord Offord will formally launch today during a visit to Lye Cross Farm in Bristol, will help UK agri-businesses grow by seizing new export opportunities and exploiting overseas markets for their products through a comprehensive package of export support.

The UK dairy industry is among the best in the world and is renowned for being ambitious and innovative, with SMEs making up a large proportion of the sector and exporting over £2 billion of goods a year to over 135 countries.”

Source: GOV.uk

3. UKEF backs major Taiwan offshore wind project, creating over £130 million in UK exports

UK Export Finance (UKEF) has agreed to support a Taiwanese offshore wind project with its largest ever project financing guarantee for renewables, securing over £130 million in UK manufacturing and service exports.

The government export credit agency is supporting the Hai Long project — Taiwan’s largest offshore wind project to date — with a guarantee for NT$15 billion of financing, equivalent to £380 million. This contribution supports a project financing package of over £3 billion issued by more than 15 lenders to the Hai Long project, which is being developed by Mitsui & Co., Ltd. (“Mitsui”) of Japan and Northland Power of Canada. UKEF was one of seven export credit agencies which guaranteed this financing.

Source: GOV.uk

4. UK hosts talks with Taiwan to boost trade ties

Trade Minister Nigel Huddleston co-chaired the 26th annual UK-Taiwan trade talks in London alongside Taiwanese Deputy Minister Chern-Chyi Chen of the Ministry of Economic Affairs to boost trade and investment ties with Taiwan.

Talks focused on collaboration in critical sectors such as renewable energy and semiconductors, as well as removing barriers to trade to unlock more opportunities for UK firms to export to and invest in Taiwan.

With an advanced high-tech industry, a key role in global supply chains and a GDP of over $760 billion, Taiwan is already the UK’s 5th largest trading partner in Asia-Pacific, with total trade at £8 billion.”

Source: GOV.uk

5. British businesses avoid tariff cliff edge with Mexico

The UK has secured an extension to arrangements that were due to expire, helping British manufacturers access lower or zero tariffs when selling their products to Mexico.

The arrangement will come into effect from 1 January 2024 and will remain in place until a new UK-Mexico Free Trade Agreement enters into force.

The deal will provide welcome certainty for UK businesses, helping them to continue avoiding high tariffs imposed by Mexico and maintain their competitive edge in the market. The announcement is particularly welcome news for the automotive and food and drink sectors, with road vehicles accounting for almost £300 million in exports to Mexico, almost 20% of all goods exported.

Source: GOV.uk

6. Double UK SME exporters by 2030, says exports minister

The UK should aim to double the number of exporters by 2030, the UK’s exports minister, Lord Offord of Garvel, has claimed.

At the beginning of International Trade Week, Lord Offord said that the £1trn export target set by the government for the end of the decade does not go far enough.

Stating that the target would be achieved “relatively easily”, he told The Times that there was room for significant growth in the number of SMEs exporting from the UK.

Of 2.7m registered companies paying VAT in the UK, 300,000 currently sell their goods abroad.

Source: Benjamin Roche at The Institute of Export & International Trade

7. UK imports and exports fall in September, quarterly data shows fall in trade deficit

“The UK’s imports fell “substantially” with exports also dropping to both the EU and rest of the world over the month of September, according to today’s (10 November) trade data from the Office for National Statistics (ONS).

Across the third quarter of 2023 (July-September), goods exports dropped by a total of £1.9bn (2%), with a large fall in non-EU exports “slightly offset” by an increase in EU-bound exports.

In September, total goods imports fell by £2.9bn, a drop of 6.2%, as imports from the EU dropped by £1.4bn and from other countries by £1.5bn.

Goods exports, meanwhile, saw a drop off of £0.9bn (2.9%), with £0.5bn of that coming from exports to the EU and the remainder from the rest of the world. This marks a drop in the goods trade deficit of £2bn down to £14bn.”

Source: The Institute of Export & International Trade

8. Amazon hails SME export growth as key to economic innovation in anniversary report

Amazon has advocated greater support for SMEs as part of a series of recommendations designed to increase innovation across the economy in a recently published report.

Released to mark 25 years since Amazon began operating in the UK, the report also calls for greater AI adoption, upskilling the UK’s workforce, upgrading infrastructure and amendments to the Digital Markets, Competition and Consumers Bill, to spur innovation.

The report argues that low productivity among UK SMEs is a factor holding back the UK economy, and identifies innovation as the solution.

Noting the role that e-commerce could play in driving growth, it highlights the Institute of Export and International Trade’s (IOE&IT’s) recent collaboration with Amazon to launch the UK’s E-Commerce Trade Commission, which convened for its first meeting in Cardiff last month.

Source: The Institute of Export & International Trade

9. £4 billion UK-Poland air defence deal strengthens European security

“The UK and Poland defence industries have today signed a milestone deal, worth over £4 billion, to continue the next phase of Poland’s future air defence programme, Narew.

UK firm MBDA has signed the sub-contract with Polish defence company PGZ, in a programme that will provide Polish forces with an enhanced ground-based air defence system capable of launching missiles to engage air threats, such as cruise missiles and fighter jets, at ranges of more than 40 kilometres. It will create more than 1,000 Common Anti-Air Modular Missiles — Extended Range (CAMM-ER) and over 100 iLaunchers.

Bolstering security and defence development for both NATO countries, the deal is the largest commercial agreement ever secured between the UK and Poland.”

Source: GOV.uk

10. Exports of livestock for slaughter on the chopping block in UK

Among the legislation announced alongside the King’s Speech on Tuesday was a ban on the export of UK livestock for fattening and slaughter. The decision, if it gets through Parliament, will have a keen impact on both animal welfare and animal agriculture in the UK.

Source: Food Navigator


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