Government sets out new strategy for exports

Posted on 30 Aug 2018 and read 443 times
Government sets out new strategy for exportsThe UK’s International Trade Secretary, Liam Fox, last week set out a new export strategy for the UK, involving better use of its overseas network, new on-line tools and building an extensive business-to-business network.

Research shows that companies that export have increased growth potential, are more productive and have better-paid jobs.

Last year, the £620 billion of goods and services exported by British companies accounted for 30% of GDP, with UK exports at a record high — and the demand for British expertise and goods overseas is growing.

Dr Fox and Baroness Fairhead (the Trade and Export Promotion minister) set out the Government’s long-term ambition to boost exports to 35% of GDP.

The new export strategy will provide smarter and more-tailored support for UK companies and encourage more of them to export.

It includes a greater focus on using existing exporters to inspire other businesses, facilitating peer-to-peer learning, and providing information, advice and practical assistance on exporting.

New measures include developing the Web site (www.great.gov.uk) into a single digital platform for both domestic business growth and export support, and working with large companies to help build the capability of UK supply chains.

The Government will also assess financial incentives and signposting as a means to support SMEs access to new markets and private-sector export support.

Dr Fox said: “The UK is a great exporting nation, and our exporters lead the way in creating jobs, raising wages and growing our economy.

"UK businesses are superbly placed to capitalise on the rapid changes in the global economic environment, and I believe the UK has the potential to be a 21st-century exporting superpower.

"We are determined to support, connect and grow UK companies on the world stage through our international network.

"As we leave the EU, we must set our sights high and that is just what this export strategy will help us achieve.”

Stephen Martin, director general of the Institute of Directors, said: “Maximising trade opportunities across the globe will be key to the UK’s future economic success, so we welcome this new export strategy, which provides a solid foundation upon which to build.

"The Government deserves credit for investing time and effort in working with business to draw up this strategy, and we are delighted that a number of the IoD’s recommendations have been incorporated.

"Improving the UK’s export performance will depend upon many variables, but the good news is that there is plenty that can be done now to help businesses, irrespective of Brexit.”

James Selka, chief executive of the Manufacturing Technologies Association, said: “This strategy to raise the UK’s export performance, is welcome.

"We are pleased that it reflects the important role that trade associations can play in helping to foster a supportive environment for companies to export. We also welcome the increased focus on integrating

“UK Export Finance into the support network; this is an area in which the UK has lagged behind its competitors. However we regret that there is little mention of trade shows and the important role that they can play in introducing UK companies to overseas markets.

“Once again, we fear that the UK is overlooking a tool which all of our peers regard as essential.”

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