The UK Government has published a new Export strategy in a bid to boost the UK’s position in international trade.
In a foreword within the export strategy document, PM Theresa May is quoted as saying that “Exporting is vital to the UK economy and our strategy for a Global Britain. Businesses that export are more productive, create more jobs and pay higher wages.”
In support of this, the Export Strategy seeks ‘to unlock the great potential of UK businesses and realise the prosperity, stability and security of business trade.’
The value of global exports was worth two times more in 2017 than in 1997. Despite some uncertainty over future global trade growth, many new opportunities will still be generated and approximately 90% of global economic growth over the next 10 to 15 years in expected to be generated outside of the EU.
The Export Strategy highlights that ‘only by exporting can we tap into the trends that are transforming the world economy right now and take full advantage of the changing pattern of the economic growth for the future.’
As such the UK government has set a target to increase UK exports to 35% of GDP from the current 30% proportion of GDP and the Export Strategy plan outlines the key elements as to how the government will look to support UK companies selling overseas. These are to encourage and inspire more businesses to export, to inform businesses by providing information, advice and practical assistance on exporting, connect UK businesses to overseas buyers, markets and each other and the deployment of an awareness campaign to target UK exporters most likely to benefit from export finance and insurance support from the UKEF.