10 UK Export News You Might’ve Missed – Week 52
Welcome to the last edition of “Export News with Expordite” for 2023!
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 52 of 2023 – December 25th- 31st.
Key News:
General Export News:
1. British business leaders, innovators and international trade champions recognised in the King’s 2024 New Year Honours List
“The Secretary of State for Business and Trade Kemi Badenoch is congratulating entrepreneurs, innovators and Department for Business and Trade staff who have been awarded for their extraordinary service to businesses, investment, exporting and UK economic growth.
Those honoured represent a diverse range of exceptional individuals who have championed a wide range of sectors across the UK economy at home and overseas.”
Source: GOV.UK
2. British alcohol and chocolate companies in high spirits after CPTPP sales soar
“UK food and drink exporters are toasting success this Christmas as demand from consumers in CPTPP, the massive trade bloc in the Indo-Pacific the UK signed up to in July, has boomed ahead of the festive season.
Latest figures show luxury British staples such as Scotch Whisky, chocolate and sparkling wine are being ordered en masse by CPTPP countries including Singapore, Japan, Mexico and Malaysia. Over the past year, UK chocolate exports to Singapore have increased by 220% in current prices to over £26 million while UK sparkling wine exports to Japan have increased by 140% to over £26 million.”
Source: GOV.UK
3. Children around the world enjoy British-made gifts this Christmas
“British toy and bike manufacturers are currently making gifts to load on Santa’s sleigh for delivery all round the world, in part thanks to the UK’s new free trade agreements (FTAs).
The UK is a major manufacturing nation, making us one of “Santa’s biggest workshops”. The toy sector is part of that success story – exports of toys and bikes were worth £640 million in the year ending October 2023.
Australia, New Zealand and Japan are just some of the countries snapping up British-made products, with around £36 million of toys exported to these countries in 2022. Thanks to our FTAs it’s even easier for people in those countries to buy world-class British products.
Welsh-based Dr Zigs Extraordinary Bubbles, who manufacture and sell sustainable bubbles, has seen a huge increase in sales, with exports now at £30,000 a year and set to grow next year. “
Source: GOV.UK
4. UK music strikes festive chord Down Under thanks to new trade deal
“The UK’s free trade agreement with Australia is ringing in festive cheer this year, having slashed tariffs and helped British music companies expand Down Under ahead of the lucrative festive period.
Backed by British legends Sir Elton John and Sir Paul McCartney, London-based music tech company Audoo produce smart listening devices, or Audio Meters, which are placed in pubs, shops and bars to identify when and where music is being played and ensure musicians are paid for that play.
The UK’s trade deal with Australia has made exporting for Audoo easier, slashing tariffs on their product, simplifying paperwork and speeding up the customs process. This has helped them more than double the number of Audio Meters found in Aussie venues, rolling them out across all major cities including Brisbane, Sydney, Canberra, Melbourne and Adelaide, ensuring musicians are paid fairly over the festive period – a key time for sales. “
Source: GOV.UK
5. Harland & Wolff given permission from UK Government to advance negotiations on £200 million loan facility
“The owner of the Harland & Wolff shipyard in Belfast says it has obtained permission from ministers to advance negotiations on a proposed £200 million guaranteed loan facility with the UK Government.
London-listed Harland & Wolf Group Holdings plc commenced talks to secure a larger credit facility earlier this year after disclosing a loss of £70m in the summer.
It is seeking the backing of UK Export Finance (UKEF) under its Export Development Guarantee (EDG) Scheme, which offers lenders a guarantee of up to 80% on the risk of their loan.“
Source: The Irish News
6. Clocked-out trade talks will curdle supply of British cheese on Canadian shelves
“Canadian supermarkets will soon see their supply of British cheese crumble, as both countries seek fair trade terms following the United Kingdom’s exit from the European Union.
Dec. 31 will mark the end of a temporary arrangement in which Ottawa offered London a special quota of cheese that could be imported under low tariffs.
Canada made that offer in the hopes it would have signed a deal with Britain by now to replace an interim deal that has kept in place some of the terms that governed commerce between the two countries before Brexit.
But those negotiations haven’t finished, with the U.K. pushing back on Ottawa’s demands to allow Canada to export hormone-raised meat, and London demanding more access to Canada’s protected dairy market.“
Source: CTV News
7. UK commercial vehicle production up 16.8%
“UK commercial vehicle (CV) production grew again in November, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT).
The November total is 51.1% up on 2019’s pre-pandemic level with output responding to demand from export markets, up 18.3% to 9,451 units with 71.3% of output shipped abroad.
The EU again retained its status as the most important overseas market for UK CV exports, taking 96.3% of all vehicles leaving Britain.”
Source: Fleet News
8. Exports to break £1trillion target early
“Britain is on track to smash its £1trillion target for exports before 2030.
Lord Offord, Minister for Exports, put the goal at the heart of the 2021 export strategy.
Marco Forgione, director-general of the Institute of Export & International Trade, said: “We are now sat in 2023 and it looks like that will not only be met but the Exports Minister himself is pressing for the figure to be higher still.”
Source: Express.co.uk
9. Pontypool bike manufacturer exports bikes for Christmas
“Welsh manufacturers including Pontypool-based Frog Bikes and Dr Zigs Extraordinary Bubbles , which is based in Bangor, have helped to make the UK one of “Santa’s biggest workshops” this year, said the Department for Business and Trade (DBT).
International trade minister Greg Hands says the country is “world-renowned” for its manufacturing prowess.
Frog Bikes, based in Pontypool, design and manufacture lightweight children’s bikes.
They are one of many UK manufacturers who exported to Singapore this Christmas, where bicycle exports from the UK have increased by 225 per cent over the last five years.“
Source: South Wales Argus
10. UK and EU agree three-year delay to EV tariff introduction
“The UK and EU have today (22 December) agreed to cancel the introduction in 2024 of tariffs on electric vehicles (EVs) traded between the country and the bloc, the government says.
A previous deadline under the Trade and Cooperation Agreement (TCA) agreed between the UK and EU would have introduced new rules of origin requirements on 1 January 2024, with staggered increases in the requirements through to 1 January 2027.
The 1 January 2024 changes would have seen 10% levies imposed on EV imports to the EU where less than 45% of the EV parts by overall value, or less than 60% of the components of the battery, had been sourced in the UK or EU. “In recognition of the disruption to the global supply chain caused by the Covid-19 pandemic and Russia’s illegal invasion of Ukraine,” the government added today, “the UK and EU have agreed to cancel the 2024 changes.”
It also details that this means the current rules of origin will last for a further three years, up until the end of 2026.“
Source: The Institute of Export & International Trade
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