Written by Mr. Kunal Sawhney, CEO, Kalkine Media
International trade has experienced the double whammy of pandemic-induced repercussions, as well as the hardships of Britain’s exit from the European Union. The government of the United Kingdom has been working religiously to resurrect the volume of exports to the EU and non-EU region, a factor that can substantially help in reducing the trade deficit.
The exports from the United Kingdom to EU countries have been majorly affected during the first quarter of this year as domestic exporters were obligated to rearrange their processes according to the newly agreed arrangement between the Downing Street administration and the bloc.
And, at the same time, the stern restrictions imposed by the government as a part of third national lockdown furthered the difficulties for enterprises exporting products to the EU region as cross-border movement were severely disrupted due to shortage of hauliers and people transporting the goods from the warehouses to respective stores.
In order to ameliorate the exports from the UK, the Department for International Trade has announced a 12-point plan through which the administration is aiming to reach £1 trillion in exports.
The ambitious plan ‘Made in the UK, Sold to the World’ is highly likely to support the enterprises of every scale involved in cross-border trade across the UK, effectively assisting them to double the exports by selling the products to newly inducted international partners, other than the conventional players sitting in the EU region.
The 12-point export strategy designed by the DIT will help the domestic exporters to reap the benefits of free trade arrangements with a number of nations following which they can re-establish themselves as the leading exporters.
The Export Academy, launched by the DIT in October 2021, will be scaled up to roll it out across Scotland, Wales and Northern Ireland, a move that can alleviate the common challenges faced by the first-time exporters. Under this, the academy administration will invite the owners and managers of small and medium scale enterprises to conduct roundtables, masterclasses and networking events that can benefit the newly established players.
The 12-point plan also includes an Export Support Service through which the domestic products will be marketed and promoted around the world as it will enable a one-stop shop for any advice on exporting to various regions for the regional exporters, especially the enterprises located outside the City of London and South East.
According to the historical data, the UK managed to export £600 billion worth of goods and services in the pandemic-laden year 2020. Notably, the British exporters remain behind the continental competitors including Denmark, Germany and Netherlands as only one in every 10 UK-based businesses is exporting the goods, at the moment.
Augmenting the exporting potential of the UK will certainly supplement the national economic output, effectively boosting the pace of recovery as businesses continue to resume at full scale amid the still-evolving course of Covid-19 (SARS-CoV-2) virus. Resilient volumes of exports have multi-fold benefits to the economy as the exports from the UK supported as many as 6.5 million high-paying jobs across various sectors in the country in 2016, a government-commissioned research has estimated.
The priority sectors of the UK will be highlighted through innovative and localised marketing campaigns, following which the exporters will be able to promote the best of British-made goods and services.