This comes as the government continues to roll out
sector deals as part of the Industrial
Strategy, boosting jobs and growth in the areas
where the UK has a competitive edge – now supporting
the export of this expertise across the world.
Research shows that companies that export have
increased growth potential, are more productive and
have better paid jobs.
Last year £620 billion of goods and services exported
by British companies accounted for 30% of
our GDP, with UK exports
are at a record high.
However, the Department for International Trade
estimates that 400,000 businesses believe they could
export but don’t, while demand for British expertise
and goods overseas is only growing.
Dr Fox, joined by , Minister
of State for Trade and Export Promotion, will today set
out the government’s long-term ambition to go further
and increase total exports as a proportion
of GDP to 35%.
Responding to a call from business, The Export Strategy
outlines how the government will produce smarter and
more tailored support to UK companies. There are key
elements to the strategy to support companies selling
overseas:
- encourage and inspire more businesses to export
This includes an increased focus on amplifying the
voice of existing exporters to inspire other businesses
and facilitating peer-to-peer learning.
- inform businesses by providing information, advice
and practical assistance on exporting
New measures include developing 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. We will also assess financial incentives and
signposting as a means to support SMEs access new
markets and private sector export support.
- connect UK businesses to overseas buyers, markets
and each other
New measures include support for businesses looking to
invest overseas and developing an online tool enabling
businesses to submit non-tariff barriers they face.
- put finance at the heart of our offer
Deploying an awareness campaign to target UK exporters
most likely to benefit from up to £50 billion worth of
export finance and insurance support from UKEF, and
promoting UKEF support in
overseas markets to help UK companies and consortia win
contracts.
In a speech to a business audience in London,
International Trade Secretary, MP is expected to say:
The United Kingdom 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.
As an international economic department, 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.
, Minister
of State for Trade and Export Promotion at the
Department of International Trade, said:
Since its creation 2 years ago, DIT has already
helped thousands of UK companies to export – with
exports now at a record high.
As the world’s sixth largest exporter, we do punch
above our weight, however, we also punch below our
potential. This Export Strategy sets out to change
that and to increase exports as a proportion
of GDP from 30% to
35%, taking us from the middle of the G7 to near the
top. This is ambitious, but achievable.
This strategy builds on the UK Industrial Strategy
and our existing export support services – our
network of trade advisers and promoters across the UK
and in 108 countries worldwide, UKEF’s £50 billion
capacity to support exports in 60 currencies, and
our great.gov.uk service.
To achieve our aim, government must join up across
departments to enable UK companies to succeed
overseas.
This strategy is a first step – a foundation – for a
new national drive to export.
Carolyn Fairbairn, CBI Director-General, said:
Expanding trade is fundamental to creating new jobs,
raising productivity and increasing prosperity across
the country. This strategy is a timely signal that
the government is committed to improving the United
Kingdom’s international competitiveness.
The CBI strongly supports the ambition to make
exports 35% of GDP, which will put
the UK out in front of many of our international
competitors. We estimate that in every region of the
country there are around 10% of businesses that could
export, but don’t, and we look forward to working
alongside the government to support and inspire them
to seize the opportunity.
The CBI has consistently called for a long-term
approach to exports. Previous strategies have come
and gone, but businesses have been let down by their
execution. Firms will work with the strong team in
place at the Department for International Trade to
ensure these plans are now rigorously carried out.
Dr Adam Marshall, Director General of the British
Chambers of Commerce (BCC), said:
Dialing up the intensity of UK trade - both close to
home and further afield - will be the cornerstone of
our future economic success.
Working together, business and government have a real
opportunity to turbo-charge UK exports, and help more
of our firms increase sales and profits in markets
all across the world. Our biggest competitors invest
heavily in promoting their countries’ products and
services, and the UK must match or exceed them.
We welcome the government’s pledge in the new Export
Strategy to work hand-in-hand with business to unlock
opportunities for UK firms all across the globe. A
clear, long-term commitment to support British firms
on the ground - both here at home and overseas - is
needed to provide a springboard for many companies to
take risks and go for growth.
, 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. We will be encouraging our
members to engage with government to make sure this
strategy really takes off and enables British firms
to realise their full trading potential.
The government’s new network of HM Trade Commissioners
will help improve government-to-government
relationships to reduce tariff and market access
barriers as we leave the EU.
In a series of high-profile appointments by the
department, earlier this year DIT appointed former
Barclays head of corporate banking John
Mahon as the UKs first Director General for
Exports, to lead the implementation of the strategy.
And former Citgroup banking vice-chairman Mark
Slaughter was appointed in June as Director General for
Investment, to lead a drive to attract more investment
into the UK.
The strategy builds on an already strong DIT offer to
businesses which includes 250 International Trade
Advisors around the UK, showcased export opportunities
on great.gov.uk and UKEF support
such as trade finance.
-
latest ONS
figures showing UK exports to the world rose
by £26 billion, an increase of 4.4% compared to the
same time last year
- at the heart of the campaign are its ‘Export
Champions’; everyday businesses of all shapes and sizes
from around the UK that are proudly exporting. They
form a nationwide network of UK companies that are
ambassadors for international trade. They share their
success stories, offer practical advice and lead by
example, under the rallying call ‘If We Can, You Can’
