Plenty of help to break into key export markets
AS the UK turns its attention to more trade beyond the European Union, local businesses may be pleased to know there is plenty of help available from the Department for International Trade, which has appointed Trade Commissioners in the key export markets of the US, Latin America and South Asia.
Sector leads have also been appointed for the automotive, pharmaceutical and food & drink industries.
Most importantly, there is finance available from the Department to cover the credit risk insurance which can sometimes put companies off trying to export.
The UK still lags behind Germany, France and Italy in terms of our export preference, even with the great success of companies like Jaguar Land Rover, Diageo and Vodafone.
Therefore, as the region of the UK which exports more than any other, the West Midlands has taken most advantage of these offers of help but we need to do more.
India is the dominant market in South Asia and with its economy growing at 8% per annum it will soon overtake the UK as the world’s 5th largest economy creating greater opportunities for global trade.
Latin America, which has also been traditionally seen as a tricky market, is now growing at a steady pace.
Exporting is becoming easier and, again, the growing middle class has appetite for high- end British goods so there is great opportunity for companies of all sizes and UK Export Finance.
At the present time, it is disappointing to see the United States has imposed tariffs on many steel and aluminium imports – contrary to its free trade image, markets see this White House decision as highly protectionist.
To tackle this, the Prime Minister did highlight the importance of continuing trade with America at the G7 meeting last week.
After all, the multilateral rules- based trading system we use today provides a strong framework for enabling free and fair global trade but the unjustified decision by the US to apply tariffs to EU steel and aluminium imports is deeply worrying. To resolve this we need to avoid continued tit- for- tat escalation, and maintain a constructive dialogue with our partners.
If you are a local business and would like to learn more about what advice/ support is on offer, www. gov. uk/ government/ organisations/ uk- exportfinance is there to help.
The United States has imposed tariffs on many steel and aluminium imports