10 UK Export News You Might’ve Missed – Week 46
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 13th-19th, 2023
Key News:
General Export News:
1. Offshore wind giant secures £370 million UKEF-backed facility to expand UK business
“In a move which supports the growth of the North Sea offshore wind industry, UK Export Finance (UKEF) has issued a loan guarantee so that Seaway7 can access a £370 million funding package.
The export credit agency has issued the guarantee under its Export Development Guarantee (EDG) so that the offshore wind specialist can invest in its UK operations. The UKEF guarantee covers 80% of the total loan, which has been coordinated by HSBC and with Citibank, Credit Agricole Corporate and Investment Bank, DNB, HSBC and ING as Mandated Lead Arrangers.“
Source: GOV.uk
2. British businesses to benefit from landmark South American aerospace partnership
“UK Export Finance (UKEF) has signed an agreement with Embraer which is expected to increase the Brazilian aircraft manufacturer’s spend on UK suppliers. The export credit agency issued a first, £89 million financing guarantee to Embraer in 2022 to support contracts with UK exporters.
This new agreement will now see UKEF link the value of future credit guarantees to the value of Embraer’s spend on the UK supply chain.
Embraer is the world’s third largest civil passenger aircraft manufacturer and delivered 159 commercial and executive aircraft last year alone. This new agreement will help UK firms – including over 120 existing suppliers – access the opportunities created by one of Latin America’s largest manufacturers.“
Source: GOV.uk
3. UK and Florida sign pact to boost trade
“Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis will today [Tuesday 14 November] sign a Memorandum of Understanding (MoU) to boost trade and investment between the UK and Florida.
Florida has a GDP of over £1.1tn – the fourth biggest of any US state and roughly the same size as Spain. The MoU is designed to help make it quicker, easier, and cheaper for UK and Florida firms to do business and is targeted at sectors in which the UK and Florida have particular strengths such as space, fintech, AI and legal services.
After today’s signing the UK will have MoUs with seven US states – Indiana, North Carolina, South Carolina, Oklahoma, Utah, Washington, and Florida – with a combined GDP of £3.3tn, just under the GDP of Germany. The UK is also actively engaging with further states including Texas, California, Colorado, and Illinois.“
Source: GOV.uk
4. Minister for Exports visits Lye Cross Farm near Bristol
“Prime Minister, Rishi Sunak, made the commitment for a £1million bespoke export during the Farm to Form Summit in May.
Lord Offord officially launched the programme during a visit to Lye Cross Farm near Bristol last Thursday, November 9.
“Growing the agri, food and drink sector is key to growing our economy, and I am delighted to launch the Dairy Export Programme which will help businesses grasp exciting new opportunities around the world,” said Lord Offord.
ast year our dairy exporters sold £2 billion of products to markets worldwide, and the work we are doing to strike up new trade deals will only see that figure rise further and move us forward in the race to £1 trillion of exports by 2030.”
Source: South West Farmer
5. Experts warn preparation is “vital” for UK food exports to Europe
“According to advice given by a panel of experts speaking at International Trade Week, preparation is “vital” for UK exporters who are seeking to sell their food and beverage products in Europe.
Speaking in a webinar hosted by The Department of Business and Trade (DBT), representatives from Spain, Italy, Belgium, Germany and the Netherlands shared their insight with attendees, including “common pitfalls” regarding exporting food from the UK.
Sharing insights from the webinar itself, speakers highlighted that in many European countries whiskey was found to be one of the most popular UK exports. In fact, Italy seemed to particularly enjoy British alcohol offerings, and even had numerous trade shows across the country showcasing the best of British whisky and other types of alcohol.
However, during the webinar, Geraldine Williams, Italy’s representative, claimed that gin “is becoming an increasingly difficult market to crack” and Spain’s speaker Beatriz Asua echoed this and said that this was also the case in her country.“
Source: New Food Magazine
6. Navigating UK customs amid Russian iron and steel sanctions
“On September 30, the UK and EU brought into effect added import controls on iron and steel products as part of broader sanctions against Russia.
UK and EU importers of iron and steel products are now required to maintain comprehensive records provided by their overseas suppliers. This regulation is the first phase of a multi-phase plan, focusing on iron and steel products listed in Annex XVII of the EU regulations, which have been adopted in the UK as well.
Phase 2 is scheduled to commence on April 1 2024, and will specifically target goods with Combined Nomenclature (CN) codes 7207 11, 7207 12 10, or 7224 90 that have been processed in a third country using steel originating in Russia.
Phase 3 will follow from October 1 2024, extending the controls to CN codes 7207 12 10 and 7224 90.“
Source: The Institute of Export & International Trade
7. Exporting can be ‘challenging’ but also ‘rewarding’, say panel of export champions
“Exporting can be complex and challenging, but also exciting, rewarding and even fun. This was the key message from a panel of export champions and business leaders at the Institute of Export & International Trade’s (IOE&IT) inaugural Import Export Show.
The discussion, chaired by ITN journalist Nina Hossain, focused on how exporting had helped drive the success of businesses including premium drinks mixer company Fever-Tree, gentlemen’s grooming business Captain Fawcett, skincare firm Dr PawPaw and business services company Enterprise Trade and Knowledge Group (ETK).
Speaking about Fever-Tree’s success, Oliver Winters, global communications director for the firm, said that the business is now the UK’s largest exporter of soft drinks and that the ambition from early on was to be global.
Pauline Patterson, co-founder of Dr PawPaw described her export journey as having been a “rollercoaster” ride.
Richie Finney, founder of Captain Fawcett, puts his own export success down to a mix of luck, timing and hard work.“
Source: The Institute of Export & International Trade
8. UK remains ‘top supplier’ of recyclable products to EU
“Eurostat, the statistical arm of the European Union, has published data outlining the United Kingdom has remained the top import country for recyclable materials.
And, exports from EU member states rose by 8.4% year on year in 2022, the data published on Tuesday (14 November) shows.
Eurostat explained that extra-EU imports of recyclable products came largely from the United Kingdom, which accounted for 47% of total paper imports, 45% of plastic and 47% of glass imports.“
Source: letsrecycle.com
9. William Hogarth’s satirical painting ‘Taste in High Life’ at risk of leaving the UK
“Arts and Heritage Minister Lord Parkinson of Whitley Bay has placed an export bar on William Hogarth’s satirical painting ‘Taste in High Life’.
The work, valued at £2,468,000 (plus VAT of £93,600 which can be reclaimed by an eligible institution), is at risk of leaving the UK unless a domestic buyer can be found to acquire the work for the nation.
The 18th-century painting provides an important insight into public sentiment during the period, notably the ambivalence and tension that emerged with Britain’s growing commercial and consumer culture, as well as female patronage of the arts.“
Source: GOV.uk
10. British Pork and Dairy tantalise the taste buds in China
“Five pork and five dairy exporters joined our export team to put their products on the map at Food and Hospitality (FHC) China – one of Asia’s leading food and beverage shows.
The show in Shanghai enabled exporters to meet existing customers and potential new ones from the key Chinese market, boosted with a supporting visit from the Rt Hon Thérèse Coffey, the then Secretary of State for Environment, Food and Rural Affairs, prior to the Prime Minister’s reshuffle. The Secretary of State met with exporters and the AHDB team and discussed both the opportunities and challenges the Chinese market holds.“
Source: AHDB
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 two days!
