10 UK Export News You Might’ve Missed – Week 10
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 10 of 2024 – March 4th-10th, 2024.
Key News:
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UK exporters grapple with up to 300% surge in container hire costs amid Red Sea disruptions
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Brexit hitting UK economy and damage set to worsen with new trade barriers, Budget watchdog warns
Export News:
1. WIN Programme completes first ever trade mission
“First ever trade mission by the Women’s International Networking Programme to Indianapolis and Chicago, has concluded on International Women’s Day. Female leaders from the Northern Powerhouse met with businesses to pitch their innovative products opening the doors to brand new markets.
Department for Business and Trade is training a new generation of exporters to build on £104 billion Northern export success and create high paying jobs for the region.“
Source: GOV.uk
2. UK Export Finance delegation heralds new trade opportunities for Benin and Togo
“The CEO of the United Kingdom’s export credit agency has this week visited Togo and Benin, meeting government ministers in both countries to signal UKEF’s readiness to extend up to £4 billion of support for local projects.
Last year, the UK’s exports to Togo were worth £287 million whilst its exports to Benin were worth £58 million. UKEF is working to enable British businesses of all sizes to access opportunities in these and in other Francophone West African countries.
During the visit, Tim Reid of UK Export Finance (UKEF) signed a Memorandum of Understanding with Benin’s Ministry of Economy and Finance affirming the UK’s intent to help local projects secure new financing. He also met Togo’s Minister of Finance and Minister of Energy and Mines to discuss new opportunities for supporting projects in infrastructure, transport, rural electrification, and a range of other sectors. “
Source: GOV.uk
3. UKEF deal lands £4.5 million Guyana contract for structural steel firm
“A deal supported by the UK government’s export credit agency has landed a £4.5 million export contract for structural steel firm Severfield.
In 2021, UKEF helped the Guyanese government to finance a new paediatric and maternity hospital by providing a €161 million loan. The export credit agency supported the project on the condition that it involved UK suppliers, subsequently securing this opportunity for Severfield.
Since securing the contract, Severfield has fabricated steel for this project at its Dalton site in North Yorkshire, where it is a major employer supporting over 500 jobs. The company has now shipped 1,900 tonnes of structural steel to Guyana where it will be used by VAMED Engineering GmbH as it builds the new hospital in the capital, Georgetown.“
Source: GOV.uk
4. UK exporters grapple with up to 300% surge in container hire costs amid Red Sea disruptions
“The disruption in the Red Sea is creating considerable challenges for UK exporters, with reports indicating a surge of up to 300% in container hire costs.
Recent attacks on commercial shipping by Yemen’s Houthis have significantly impacted the efficiency and cost-effectiveness of transporting goods through this crucial maritime corridor, causing a ripple effect throughout the UK export industry.
More than half of UK exporters, approximately 55%, have reported feeling the reverberations of disruptions to shipping in the Red Sea, according to recent research conducted by the British Chambers of Commerce’s (BCC) Insights Unit. The survey encompassed over 1,000 firms, revealing a significant impact on businesses across various sectors.
The study found that not only exporters but also 53% of manufacturers and business-to-consumer (B2C) service firms, including retailers, have felt the repercussions of the disturbances in the Red Sea shipping routes.“
Source: World Cargo News
5. EU threatens to halt weapons and ammunition exports to UK if war breaks out with Russia
“Plans have been drawn up to ban the shipment of arms overseas to make up for the EU’s own shortfalls, a top official said.
It comes in a bid to better prepare for the growing threat from Russia while also boosting support for Ukraine.
EU industry commissioner Thierry Breton said: “To counter the return of high-intensity war on our border, we have decided to kick up a gear.”
Source: LBC
6. Brexit hitting UK economy and damage set to worsen with new trade barriers, Budget watchdog warns
“Brexit is dragging down the economy and its impact is set to get worse due to new trade barriers, the Government’s Budget watchdog is warning.
The UK’s Gross Domestic Product (GDP) is set to grow by a modest 0.8 per cent this year, before picking up to around two per cent annually over the next four years, according to the Office for Budget Responsibility.
The OBR believes Britain’s net trade will “make a negligible contribution to growth” over coming years.
“We forecast that trade volumes will continue to be subdued in the next few years due to sluggish growth in the UK and global economies, and the evolving impact of Brexit.
“From 2024 to 2028, we expect export and import volumes to average growth of 0.3 per cent and 0.1 per cent a year, respectively.”
Source: The Standard
7. ‘We can expect many to stop exporting to the UK’, warns Cold Chain Federation
“The association which represents the interests of UK temperature-controlled logistics has written to the Defra Secretary with concerns over Border Target Operating Model plans to come later this year.”
Source: Food Manufacture
8. Welsh Lamb exports booming
“Exports of Welsh Lamb and other sheep meats have grown again, whilst beef exports continue to recover.“
Source: Food Manufacture
9. Securing Scotland’s top food export: The UK’s No.1 seafood choice
“His Majesty’s Revenue and Customs (HMRC) recently announced that Scottish salmon was, again, the UK’s most valuable food export in 2023.
These impressive statistics are something that Mowi – the world’s largest salmon supplier – takes very seriously given that 40% of the country’s fresh salmon flows through the company’s primary processing plant in Fort William.“
Source: West Coast Today
10. British exporters and AHDB showcase quality UK meat in Tokyo
“This week, one of Asia’s largest food and drink exhibitions is providing a platform for exporters to showcase high quality meat (beef, lamb and pork) from the UK.
Eight businesses have joined the Agriculture and Horticulture Development Board (AHDB) at FoodEx in Tokyo, to help promote British red meat and grow exports to the region, which were worth £12 million in 2023.“
Source: Agriland
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