10 UK International Trade News You Might’ve Missed - Week 42

10 UK International Trade News You Might’ve Missed — Week 42

In this edition of Export News from Expordite, we’ll cover the top 10 UK international trade news and headlines from week 42 of 2024 — October 14th-20th, 2024.

Key News

• Record-breaking International Investment Summit secures £63 billion and nearly 38,000 jobs for the UK
• UKEF and K-Sure upsize support for wind factory
• International business leaders to headline first Welsh exports conference

Top International Trade News

1. Record-breaking International Investment Summit secures £63 billion and nearly 38,000 jobs for the UK

“Nearly 38,000 UK jobs are set to be created across the UK after a total of £63 billion of investment was announced around today’s International Investment Summit, turbocharging growth and innovation across the country.

ABP, the UK’s largest port operator, has committed over £200 million to a joint investment with ferry company Stena Line in a new freight ferry terminal at the Port of Immingham, significantly boosting the capacity and resilience of UK trade with Europe. It is expected to create around 700 jobs during construction and around 200 permanent jobs once operational. “

Source: GOV.uk

2. Landmark collaboration with largest pharmaceutical company

“The UK’s world-leading life sciences sector will receive a £279 million boost to tackle significant health challenges, with an intent expressed by Lilly, the world’s largest pharmaceutical company, to invest in the UK as part of a collaborative partnership with UK government, announced at the International Investment Summit today (Monday 14 October).”

Source: GOV.uk

3. Andusia revealed as UK’s top waste-exporter over the summer

“Industry figures show Andusia had the largest share of the UK’s waste export market over June, July and August”

Source: ENDS Waste and Bioenergy

4. UKEF and K-Sure upsize support for wind factory

“Korea’s SeAH Steel Holdings will pump additional investment into an offshore wind factory in England after securing a £225mn financing package backed by the UK and Korean export credit agencies.

Funding is being provided by Standard Chartered and HSBC, with UK Export Finance (UKEF) guaranteeing 70% of the total and the Korea Trade Insurance Corporation (K-Sure) backstopping the remaining 30%.

SeAH Wind UK will use the proceeds to make a fresh investment into its monopile factory project in Teesside, in the northeast of the country.

The deal upsizes a previous £367mn facility, agreed in November last year, which was also backed by UKEF and K-Sure.”

Source: GTR

5. NFU ‘disappointed’ as government extends raw cane sugar import quota

“The NFU has said it is ‘disappointed’ with the government’s decision to maintain the autonomous tariff quota (ATQ) for raw cane sugar for 2025.

Since its implementation in 2021, the ATQ has permitted 260,000 tonnes of raw cane sugar each year to enter the UK tariff-free, regardless of origin.

ATQs allow imports up to a given quantity of a good to come in at a lower or zero tariff for a specified period of time.

Despite the significant concerns raised by the UK sugar beet sector, the government has decided to maintain the ATQ at current levels for next year.”

Source: Farming UK

6. Brexit red tape and climate change pushing UK self-sufficiency to ‘critical low’ levels

“The UK’s food self-sufficiency is at a critical low due to Brexit challenges and extreme weather conditions, according to a new report.

Research by London-based food redistribution charity City Harvest showed only one in 10 food industry leaders were optimistic that UK food security would improve by the end of 2025.

City Harvest surveyed industry representatives, from producers through manufacturers to sellers and foodservice, for its annual Food Value Report.

The UK imports nearly half of its vegetables (48%) and over 80% of its fruits.

The government’s post-Brexit trade strategy has been ridden with delays and IT issues over the years. Labour recently pushed back the deadline for new safety and security declarations on EU imports meant to roll out this month.

This regulatory uncertainty was identified by 40% of City Harvest’s respondents as “a major challenge” for the upcoming year.”

Source: The Grocer

7. UK beef production update: Strong demand continues to drive production and trade

“UK beef production totalled 76,600 tonnes in September, up 5% from August. Production was also up compared to last September’s levels by 7% (5,300 tonnes).

Ireland continues to dominate UK beef imports with a market share of 76.3%, up on the year from 72.7% over the same period in 2023. In total, beef imports from Ireland were up 3% in August from July to 14,300 tonnes. This brought the year-to-date total to 120,500 tonnes, up 13% compared to the same period in 2023.

So far in 2024, beef exports are 10% above 2023 export volumes totalling 72,900 tonnes. In August, UK exports totalled 8,300 up 3% year-on-year, but down 4% compared to July. The EU remains the UK’s main destination for beef exports, accounting for 85% of volumes shipped in the year to date. On the other side of the coin, EU beef production is expected to decline marginally in 2024 and again in 2025, which may offer opportunities for UK product.”

Source: AHDB

8. Lamb market update: UK production declines make way for growing imports

“UK sheep meat production has fallen considerably from 2023, currently sitting 7.8% lower January-September. Production has totalled 193,000 tonnes so far this year, with volumes for September at 21,900 tonnes. A significant decline in both adult and clean sheep kill has contributed to this decline in overall production, with minor shifts in carcase weight in the year so far.

UK exports have reduced so far this year as our domestic production has fallen, limiting volumes available for export, sitting 7% lower than 2023. Volumes exported in August sat at 6,200 tonnes, growth of 940 tonnes from July, but a fall of 240 tonnes from the same time in 2023. Our largest export continues to be lamb carcasses into the EU for further processing, sitting at 38,400 tonnes for the year so far to August. Beyond the EU, other notable countries include Ghana, Kuwait, and Canada however these volumes sit between 300–700 tonnes exported so far this year.”

Source: AHDB

9. International business leaders to headline first Welsh exports conference

“The first ever Global Reach Out — GOT24 Wales (Global Opportunities to Trade) — is an event to be delivered by Wrexham-based International Trade Support Group (ITSG) and Antur Cymru on behalf of Powys County Council via the UK Government’s Shared Prosperity Fund.

It takes place at the Metropole Hotel in Llandrindod Wells, Powys, on Tuesday November 5 from 9am-4pm.

Owners and managers of some of the world’s most successful exporters, including Thomond Gate Whiskey founder Nicholas Ryan, and speakers from Japan, the US, and Ireland, will headline on the day.

Export values from Wales continued to be dominated by Machinery and Transport Equipment, which made up £8.3 billion (43.2%), an increase of £0.3 billion (3.4%) compared to the year ending March 2023. ‘Mineral Fuels’ continue to be the second highest value exported product, worth £3.4 billion in the year ending March 2024, making up 17.6% of export values.”

Source: News from Wales

10. Newport West and Islwyn MP tables law banning fur UK imports

“Ruth Jones, the MP for Newport West and Islwyn, presented a Private Members Bill to Parliament on Wednesday, October 16, calling for the ban of the import of animal fur products to the UK.

Her Bill comes an astonishing 21 years after Tony Blair’s Labour government outlawed fur farming 2003, despite which it is currently still legal to import fur into the United Kingdom and sell it.

The bill proposes to extend existing bans on trade in fur from cats, dogs and seals to include foxes, raccoon dogs, mink, chinchilla, coyotes and other animals killed for fur fashion, and prevent the import and sale of all animal fur. If passed into law, the ban would end the UK’s complicity in the cruelty of the global fur trade.”

Source: South Wales Argus