10 UK International Trade News You Might’ve Missed – Week 40
In this edition of Export News from Expordite, we’ll cover the top 10 UK international trade news and headlines from week 40 of 2024 — September 30th-October 6th, 2024.
Key News
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TRA initiates review into imports of ironing boards from China
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Danske Bank & UK Export Finance Package Fuels Deluxe Group Growth
Top International Trade News
1. UKEF enters Uzbekistan markets with €12.6 million deal
“UK Export Finance (UKEF) has closed its first deal in Uzbekistan by guaranteeing a €12.6 million loan that supports export opportunities for a subsidiary of Scottish multinational, Weir.
This loan, provided by an international bank, allows Almalyk Mining and Metallurgical Complex – based near Tashkent, Uzbekistan – to refinance its purchase of fully automated machinery from Weir.
UKEF is supporting the transaction to promote machinery exports which will total millions of pounds. Total UK-Uzbekistan trade was worth £381 million in 2023, with specialised machinery now the fourth most-traded commodity overall.”
Source: GOV.uk
2. UK cocoa buyers complete trade mission to Solomon Islands
“The UK government has supported 17 cocoa buyers to visit Solomon Islands to increase cocoa exports to the UK.
Supporting the cocoa trade between Solomon Islands and the UK is a win-win, driving growth and increasing incomes for Solomon Islands farmers whilst giving UK consumers access to the best quality Solomon cocoa.
Under the UK-Pacific Economic Partnership Agreement that started in January 2021 goods from the Pacific can enter the UK market duty-free and quota-free.
Thanks to the deal, high-end UK chocolatiers are turning to Solomon Islands for their cocoa: boosting Solomon exports and incomes, whilst bringing quality products to the UK market.“
Source: GOV.uk
3. UK partnership with Indonesia Eximbank creates new business opportunities
“The UK government and Indonesia Eximbank have signed a partnership agreement that will help them to create new business opportunities for Indonesian exporters.
Signed in Jakarta, the Memorandum of Understanding (MoU) between UK Export Finance (UKEF) and Indonesia Eximbank announces their intention to collaborate on new projects around the world, especially in Africa and the Indo-Pacific.
Last year alone, UKEF allocated almost £1.7 billion in new financing to these regions, helping to generate new business for hundreds of suppliers and indicating the scale of opportunity being made available to Indonesian businesses.“
Source: GOV.uk
4. TRA initiates review into imports of ironing boards from China
“The Trade Remedies Authority (TRA) has today (30 September 2024) initiated a transition review into an anti-dumping measure on ironing boards from China. You can find more detailed information about this review on the investigation’s public file.
The TRA will be reviewing the anti-dumping measure transitioned from the EU to determine whether it is still suitable for the UK’s needs. The measure is due to expire on 3 October 2024. The current anti-dumping duties range between 18.1% and 39.6%.
The period of investigation for this transition review is 1 July 2023 until 30 June 2024. The injury period is 1 July 2020 until 30 June 2024. “
Source: GOV.uk
5. Car boss: We ‘can’t prevent’ resale for Russia export
“Mike Hawes, the boss of the SMMT motor lobby group, gives Anna Jones its explanation for UK-made cars entering Russia.”
Source: Sky News
6. UK red meat exports hit £860m in first half of 2024
“UK red meat exports were worth £860m in the first half of 2024, with the market on track to hit record volumes reported in 2022.“
Source: Food Manufacture
7. US wheat exports are picking up speed: Grain market daily
“The US wheat export campaign for the 2024/25 season (June-July) has maintained a strong pace, with export commitments reaching 11.2 Mt to date. This represents a 22% increase from commitments (exports plus outstanding sales) at this point last year. More importantly, this figure already accounts for 50% of the projected total exports of 22.5 Mt for the entire season, achieved in just the first four months.
The weekly export statistics provide a clearer view on the firm pace. By 19 September, accumulated exports had reached 7.49 Mt, with a season-high weekly exports of 0.71 Mt. This marks a 53% increase from last year and 9% ahead of the five-year average.“
Source: AHDB
8. Danske Bank & UK Export Finance Package Fuels Deluxe Group Growth
“A £10 million funding package provided by Danske Bank and guaranteed by UK Export Finance (UKEF) has played a key role in enabling The Deluxe Group to secure one of its biggest ever export contracts.
Portadown-based The Deluxe Group recently secured a landmark £30m contract for the interior fit-out of a new cruise ship in Germany, with Danske Bank providing finance guaranteed by UK Government’s Export Finance guarantee facility.
A team from The Deluxe Group, which works around the world on interior fitout projects in the leisure and hospitality sectors, will spend 12 months fitting out the dining and entertainment areas on board the new vessel, which is due to set sail in Asia in 2025.“
Source: Business Eye
9. UK Dairy Showcase boosts global buyers interest
“British dairy has taken the spotlight, with over 40 international buyers and 60 UK businesses participating in a significant event designed to boost exports.
Buyers from regions including Asia, the Americas, the Middle East, Europe, and North Africa travelled to the UK for the Dairy Showcase, which highlighted the best of British dairy products.
The sector exported £2b worth of goods to more than 130 countries last year, with hopes to expand even further.“
Source: The Scottish Farmer
10. UK’s last coal plant shutdown bodes well for US LNG exports: Maguire
“United States exporters of liquefied natural gas (LNG) are likely cheering the shutdown of the last coal-fired power plant in the United Kingdom, as the move locks in long-term gas demand by the world’s sixth largest economy.
By closing the 2,000 megawatt (MW) coal plant in Nottinghamshire, Britain has become the first G7 country to end coal-fired power production and make significant progress against energy transition and pollution reduction targets.
But the move also elevates natural gas to the UK’s most essential power fuel, and means the country will likely need to boost gas imports going forward even as power firms continue to roll out renewables and other forms of clean power output.“
Source: Reuters
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