10 UK International Trade News You Might’ve Missed - Week 43

In this edition of International Trade News from Expordite, we’ll cover the top 10 UK international trade news and headlines from week 43 of 2024 — October 21st-27th, 2024.

Key News

• Flagship Government export initiative to be sponsored by Santander UK
• Trade Secretary launches new fund to unlock multi-billion exports boost
• One third of UK businesses want Labour to slash Brexit red tape

Top International Trade News

1. UK infrastructure companies visit Costa Rica to explore opportunities

“Representatives of five British companies travelled to Costa Rica this week to participate in an infrastructure mission focused on identifying business opportunities and generating strategic alliances with potential partners in Costa Rica.

At these meetings, the British companies explored opportunities to strengthen their presence in the country, learning more about Costa Rica’s aspirations to update and expand infrastructure projects at the highest international standards.”

Source: GOV.uk

2. Flagship Government export initiative to be sponsored by Santander UK

“Santander UK has committed to a three-year sponsorship of a programme of Department for Business and Trade (DBT) events, which will help UK businesses of all sizes realise the opportunities presented by global trade.

The sponsorship will cover DBT’s flagship annual export initiative, International Trade Week, taking place from 11th to 15th November 2024, as well as the UK Export Academy and a number of international trade shows.

Themes running through the week this year include digital trade, selling to Europe and exporting for the first time, although events will cover a wide range of topics. Attendees will be able to develop their exporting knowledge and skills, hear from international-trade experts and learn about the support on offer from DBT and its partners, including Santander UK.”

Source: GOV.uk

3. Trade Secretary launches new fund to unlock multi-billion exports boost

“New £2.3million Regulatory Partnership for Growth Fund will help to unlock export opportunities worth nearly £5 billion for UK companies over five years .

The UK’s pharmaceutical industry will find it easier to sell innovative medicines in huge markets like Brazil and around the world thanks to a new fund to cut red tape and boost exports.

Trade Secretary Jonathan Reynolds will announce the new £2.3 million Regulatory Partnership for Growth Fund as part of a three-day visit to Brazil, which will include his first G20 meeting. “

Source: GOV.uk

4. Australia funds back British economy with major moves to the UK

“A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.

Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.”

Source: GOV.uk

5. Action demanded over surge in illegal meat imports

“The government is under pressure to stop illegal meat being smuggled into the UK, amid warnings of a “foot-and-mouth” level crisis for British farmers.

The amount of meat seized by Border Force officials has doubled in a year, according to data obtained by BBC News.

The data suggests more meat is entering the country in fewer vehicles, which experts say indicates a rise in organised crime.”

Source: BBC News

6. UK car production drops by over 20% as automakers shift to electric vehicles

“According to data from the Society of Motor Manufacturers and Traders (SMMT), output for both domestic and export markets dropped significantly, with production for the UK market falling by 20.8% and exports declining by 20.6%.

September 2022 had been a particularly strong month for UK car production, the best since 2020, making the year-on-year comparison more pronounced. Despite the September decline, production for the UK market has grown by 6.5% in the year to date. However, this has been offset by a sharp 14.4% drop in exports, resulting in an overall year-to-date production decline of 10.2%, with 592,862 units produced so far in 2024.

The decline in export volumes has been felt across several key overseas markets. Shipments to China, one of the UK’s major car export destinations, dropped by 23.1% in September as the country grapples with an economic slowdown. While China’s GDP grew by 4.6% in the third quarter of 2024, this was below the government’s 5% target, impacting demand for imported goods such as vehicles. In response, Beijing has recently introduced measures aimed at bolstering growth in the world’s second-largest economy.

However, there was a bright spot in the US market, where exports from the UK rose by 24.6% to 8,210 units in September, accounting for 16% of total UK car shipments.”

Source: Business Matters

7. One third of UK businesses want Labour to slash Brexit red tape

“Nearly a third of British businesses are urging the government to reduce Brexit red tape in a bid to boost trade with the EU, according to a Santander survey.

Thirty-one per cent of companies said they wanted government to relax post-Brexit regulation, including customs requirements, and to increase mutual recognition of professional standards and qualifications across Europe.

Santander’s survey found that 74% of businesses were confident they will grow in the next three years, while 36% said they were “very confident” about future growth an increase from just 22% a year ago.

Moreover, a quarter of businesses said they needed greater support from government in finding new customers, business partners and suppliers, with 24% saying they were seeking help recruiting the right staff in the UK.”

Source: The Grocer

8. UK export of millions of endangered eels to Russia attacked as ‘bonkers’

“Millions of critically endangered eels have been exported from the Severn estuary to Russia this year and conservationists fear export quotas will be increased next year.

A tonne of glass eels, the young elvers that swim into European estuaries from the Sargasso Sea each spring, was flown to Kaliningrad this year, double the amount exported to the Russian port the previous year.

Andrew Kerr, of the Sustainable Eel Group, a European-wide body working with scientists, conservationists and commercial fishers, described the Department for Environment, Food and Rural Affairs (Defra) permitting the export of glass eels to Kaliningrad as “bonkers”.

According to Kerr, eels exported to the Russian port could be smuggled eastwards towards Asia, where there is huge demand for young eels to stock fish farms because no one has worked out how to captive-breed the enigmatic species, which can live for up to 50 years in European rivers and lakes before returning to their Sargasso Sea birthplace to breed.”

Source: The Guardian

9. State-backed loans to go to firms importing critical minerals into UK

“Businesses that import critical minerals to the UK will be given access to state-backed loans in a move to counter China’s dominance in the market.

The chancellor, Rachel Reeves, is expected to announce extra government support to encourage the import of critical minerals such as lithium, graphite and cobalt in her budget next week. Companies that bring supplies of critical minerals into the UK will be able to access state-backed loans under the UK export finance mechanism.

The move is intended to make it easier for UK businesses to import critical minerals from Commonwealth countries such as Australia, which has huge deposits of lithium and other raw materials.”

Source: The Guardian

10. UK finance minister Reeves says ‘hard-headed’ approach needed to boost China trade

“Britain needs to take a “hard-headed, economic realist” approach to relations with China in order to do a better job of boosting trade while minimizing risks to national security, British finance minister Rachel Reeves said on Friday.

Reeves, speaking to Reuters at the International Monetary Fund and World Bank annual meetings in Washington, said the U.S. had been able to boost exports to China while taking a tough line on Beijing’s economic and trade practices.”

Source: Reuters