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UK becomes first European country to join the CPTPP

The UK has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). 

As of 15th December last year, the UK became the first European member with 11 other partners including Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

The joining of the trade bloc has been marked as a ‘red letter day’ by commentators, with the Head of Trade Policy at the British Chambers of Commerce, William Bain, noting: “There are few multi-national trade agreements like this one. It connects us to a fast-growing region of the global economy and will create new opportunities for both inward and outbound investment.”

The CPTPP trading bloc accounts for 15% of global economic output in a fast-growing region, with the deal expected to offer opportunities for UK SMEs to take advantage of reduced costs to import components and export manufactured goods. 

Membership is expected to deliver a number of benefits for the UK and its businesses. Alongside a say in how the bloc develops and strengthens ties with growing economies, it will also open new markets for service providers, help diversify supply chains, and cut tariffs on goods exports. The deal is expected to deliver a £2bn boost to the UK economy each year. 

There is particular interest in the opportunities to do more business with Vietnam and Malaysia, with Jennifer Lopez – CEO of the British Malaysian Chamber of Commerce – saying: “The entry-into-force of the UK’s membership into the CPTPP marks a groundbreaking achievement, transforming trade relationship and unlocking exciting opportunities for businesses in the UK and Malaysia.  

“As this is the first-ever free trade agreement between Malaysia and the UK, it is a historic moment in elevating the longstanding partnership between our nations. It paves the way for collaboration in emerging sectors like digital trade, green technology, and advanced manufacturing.”

Capitalise on emerging markets

If you’ve spotted a potential opportunity to increase trade within the CPTPP bloc, Go Exporting can help make that a reality. 

We have the experience and expertise to support you through the process from start to finish, from initial market research and entry strategy, through to customs and compliance, finding distributors, and driving sales. 

Learn more about our international trade consultancy here.

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Export volumes plummeted in Q3 last year

UK exporters are facing an uphill battle right now as the latest available data for Q3 2024 showed steep declines in export volumes. 

Data from the ONS showed a near 10% month-on-month decline in UK goods exports in September alone, which included a 10.9% fall in EU goods exports. Outside the EU, volumes fell by 8.7%. 

A fall in machinery and transport equipment, fuel and chemical sales were noted as primary sources of decline. 

Goods imported also fell but by a smaller amount, 3.1% overall including 1.4% from the EU.

Services bucked the trend somewhat with a 0.5% real-terms increase in activity, though the value of those exports is expected to have contracted slightly. 

In terms of value, goods exported fell by £3.4bn following a rise in August, and the total goods and services trade deficit widened by £1.5bn to £11.4bn in Q3. 

Head of Trade Policy at the BCC, William Bain, said of the latest figures that: “The UK’s broader economic slowdown in the third quarter of the year is clearly reflected in the trade data. September’s export data reflected the continued volatility in goods, in the last few months, with a further large drop in UK exports across the world.  

“Taking Q3 overall, both goods and services exports fell, which is a real concern. There seems little sign so far of the uplift in global trade which economic forecasters predicted for the second half of 2024. 

“The data points to the need for the Government’s promised Trade Strategy to deliver durable improvements in export performance and for stronger support measures to raise sales in key markets.  

“It must also look at removing non-tariff trade barriers with the EU, and strong implementation of new trade deals with fast-growing markets. A concerted effort is needed to create the conditions so businesses can generate fresh exports.”

There was some better news in October’s trade data with Uk services export volume rising 2.5%.

Grow through the growing pains

It’s been a painful trading period for a number of exporters, but firms that are bold enough to grow through the growing pains are finding opportunities and seeing sales grow. 

The key is to be strategic with growth plans, and only invest where real market potential exists. 

Go Exporting specialises in helping companies to expand in international markets profitably; from export readiness, customs and compliance and market research through to devising and implementing strategy. 

Learn more about our exporting growth plans here. 

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How will ‘Trump Tariffs’ impact UK exports?

Donald Trump winning the 2024 presidential election so resoundingly was a shock to almost everyone aside from those who voted for him.

The fallout of this year’s race has been far more subdued than in 2021, but for businesses in the UK, and indeed the UK’s entire economy, there was a shock within the noise of the rhetoric that could have profound consequences if implemented.

As part of his winning pitch to the US electorate, Trump promised to impose a blanket 20% tariff on all imports into the US – a move which could cost the UK a substantial £22bn in lost exports. That was the immediate response. Analysis and comment pieces in the weeks since have been more mixed, with potential opportunities for UK firms and the UK economy itself.

Immediate reactions to the Trump tariff proposal

The announcement of a proposed 20% tariff on all imports into the United States prompted widespread alarm from policymakers and trade experts across the UK. The Centre for Inclusive Trade Policy (CITP) at the University of Sussex estimated the tariff could lead to a £22bn reduction in UK exports to the US. This amounts to a 2.6% contraction of overall export activity and underscores the potential disruption that could ripple through key industries heavily reliant on US trade. Sectors such as fishing, petroleum products, and mining are particularly vulnerable, with projected export reductions of 21.5%, 20.9%, and 20.4%, respectively. Potentially industry-closing levels.

For the UK’s broader economy, prospects mightn’t wouldn’t be much brighter. According to the National Institute of Economic and Social Research (NIESR), economic growth could fall to just 0.4% in 2025 if these tariffs take effect, compared to the 1.2% growth projected in a tariff-free scenario. Such an economic slowdown would compound challenges already posed by post-Brexit trade barriers, the ongoing energy crisis, and inflationary pressures. Businesses relying on transatlantic exports, including aerospace and automotive manufacturers, would face significant headwinds.

The immediate reaction among business leaders has been one of urgency and concern. Many firms have called for greater government support to help mitigate the fallout. This includes calls for financial assistance, supply chain realignments, and diversification of export markets. While government intervention can provide a temporary reprieve, many analysts caution that such measures alone may not be enough to counteract the systemic challenges posed by tariffs of this magnitude.

The response in Westminster has been similarly vocal. Trade experts and MPs alike have underscored the need for a diplomatic approach to prevent these tariffs from materialising. Discussions around reviving elements of the US-UK free trade agreement talks have gained traction, although analysts warn that the political appetite for bilateral trade deals under Trump may be limited. The UK government faces a delicate balancing act: maintaining its relationship with the US, while seeking alternative trade avenues if needed.

It would take a monumental diplomatic effort to get the UK some sort of tariff pass, especially given the comments made about Trump from Labour frontbenchers.

Opportunities amidst the challenge

While initial analyses painted a bleak picture, subsequent commentaries have offered a more balanced perspective, suggesting that the UK economy could, in certain respects, outperform its rivals. The Centre for Economics and Business Research (CEBR) highlighted that the proposed tariffs, while potentially reducing GDP by 0.9%, could also present strategic opportunities for the UK to pivot and innovate. For instance, the UK’s regulatory flexibility post-Brexit positions it uniquely to adapt to shifting global economic landscapes.

One potential area for growth lies in green technology and clean energy. Analysts have noted that if the US under Trump de-emphasises investment in these sectors, the UK could seize the opportunity to become a leader in these burgeoning industries. With government backing and international partnerships, British firms could establish themselves at the forefront of clean energy technology, attracting global investment and fostering economic resilience. This approach would also align with the UK’s broader commitment to achieving net-zero carbon emissions by 2050.

Another area of focus is strengthening economic and trade ties with the European Union. Research from the CITP revealed that nearly 50% of trade experts believe that improving relations with the EU should be a top priority – including here at Go Exporting. A closer partnership with the EU could offset some of the economic damage caused by US tariffs. Improved EU relations would facilitate smoother trade routes, reduce bureaucratic barriers, and offer access to one of the world’s largest markets. For sectors such as manufacturing, pharmaceuticals, and financial services, an EU-oriented strategy could prove crucial.

Furthermore, there are opportunities to recalibrate the UK’s trade strategy to target emerging markets in Asia and Africa. These regions are experiencing rapid economic growth and offer lucrative prospects for UK exporters. Diversifying trade partnerships could mitigate dependence on the US market and bolster long-term economic stability. Programs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) could play a pivotal role in achieving this diversification.

Ultimately, while the Trump tariffs present a formidable challenge, they also serve as a wake-up call for UK policymakers and businesses to embrace innovation, diversification, and resilience. The emphasis should now shift to leveraging the UK’s unique position as a post-Brexit, globally connected economy capable of adapting to shifting geopolitical currents. Strategic investments in emerging industries and robust partnerships with new and existing allies may enable the UK to weather the storm and emerge stronger.

Whether or not Trump’s tariffs come into effect or not waits to be seen. If they do, there could be Brexit-level upheaval for many firms and entire sectors within the UK economy.

Let’s wait, watch, and see.

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Go Exporting receives commendation from AECCI

Go Exporting has received a certificate of appreciation from the Asian Exporters Chamber of Commerce and Industry (AECCI) following a successful engagement in their recent B2B forum.

The event was an online forum arranged by AECCI to connect Indian companies with relevant approved experts. Go Exporting was selected as the specialist consultant and approved partner for the UK.

Go Exporting CEO, Mike Wilson, was personally recognised for his support, cooperation and expert advice contributed to support the advancement of the Indian trade community.

AECCI commented that: “On behalf of the Asian Exporters’ Chamber of Commerce and Industry (AECCI), we sincerely thank you for participating in the AECCI Virtual B2B Event. Your presence and valuable contributions made a significant impact, and we are truly delighted to have partnered with you.

“The event was a great success, especially due to the engagement of delegates like you, which encouraged the feel of collaboration and desired outcomes.”

Mike met with seven companies looking for a variety of advice and services to expand their international business, including export readiness, customs and compliance, and finding distributors and international leads.

Learn more about the virtual B2B forum through the AECCI’s website and portal here.

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WATCH: US SMB’s guide to EU exports

This summer, Go Exporting CEO Mike Wilson joined Alibaba’s Eric Cross for a webinar examining the opportunities for US firms to trade in the EU. 

The talk covered a broad range of topics including industry-specific opportunities, market statistics, administrative structure, key markets and culture and approach. 

Watch the webinar in full below. 

Find out more about exporting into the UK in this free guide where we cover everything from approvals and VAT to market research, customs and compliance, and effective marketing.

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UK importers creating their own post-Brexit inspection points

An increasing number of UK importers are creating their own internal checkpoints in a bid to overcome post-Brexit border delays as part of the Trusted Trader scheme. 

The Financial Times and Fresh Produce Consortium are reporting that more and more plant and food traders have set up their own control points for product inspections, hoping to bypass government-run facilities which are facing delays – in particular the Sevington inspection site. 

The trusted trader program, or Authorised Operator Status, was originally introduced to allow prolific importers to carry out their own produce checks as they’re already aware of the regulatory requirements and are, as the name suggests, trusted to give the go ahead. 

Chief executive of the Fresh Produce Consortium, Nigel Jenney, told the FPC that: “The industry offered cost-effective solutions years ago but these were ignored by the previous government. They should have used the industry’s facilities and expertise that already existed and we would have readily shared it. Consequently, it’s a problem of their own making.

“Our solutions remain valid today and are a short and long-term solution for the flower, plant, fruit and vegetable sectors, as Sevington is simply not fit for purpose. 

“The new Government needs to act now before SMEs fail, through no fault of their own.”

Becoming trusted traders

Businesses with a long history of customs compliance and have been through a thorough HMRC audit can be granted Authorised Operator Status, with numerous benefits including taking checks away from the border, reducing required documentary checks on goods, and essentially skipping the queues. 

After delays and other issues such as IT problems at the Sevington border site, many firms are now looking to become trusted traders in their own right or partner with other firms who hold the accreditation. 

But despite the recent post-Brexit interest in the scheme, UK firms still lag behind EU rivals. 

Trade and customs specialist Andy Bridges told the Daily Update over the summer that: “We’re not even touching the EU countries on number of accredited firms, let alone the rest of the world.

“And it’s not just the EU – other countries, the US, Japan, even China – all over the world, other countries recognise this scheme. 

“In essence, it’s giving you an enhanced degree of reputation and status worldwide.”

If your business is interested in ways to help streamline import processes and better manage new customs and compliance requirements, you can speak to the Go Exporting team today

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Go Exporting wins at the UK Enterprise Awards

Go Exporting is delighted to have been named the Most Trusted Business Exporting Consultancy at this year’s UK Enterprise Awards.

The awards, hosted by SME News Magazine, recognise firms which demonstrate strong values and prioritise respect, innovation, excellence and tireless hard work.

Awards coordinator Laura O’Carroll commented that: “Hosting this year’s UK Enterprise Awards has been an excellent experience again, and I truly wish all of our winners all the best as they continue to elevate their spheres Congratulations on your success!”

Mike Wilson, CEO of Go Exporting said: “It’s always great to be recognised for the contribution you make to the wider business community. Through our educational partnerships with the likes of The British Library and Alibaba, as well as our long-standing track record of supporting businesses to successfully enter new international markets, this is another indicator that the work we’re doing is both valued and helping organizations to grow.”

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FREE WEBINAR: Exporting into the EU for US SMBs

On 15th August, Go Exporting CEO Mike Wilson will be teaming up with Alibaba to deliver a webinar guiding US SMBs on how to export to the EU.

The webinar will be co-hosted by Alibaba’s Eric Cross and will offer critical insight and strategies to help small firms successfully enter and thrive in key European markets.

This webinar will give attendees the do’s and don’ts, as well as the regulatory requirements, from a true industry specialist. Plus, there will be opportunities to ask your own specific questions at the end.

Sound good? Join Mike and Eric by signing up here.

We’ll see you then!

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Our 10 contributions to 1001 tips from global exporters and global trade advisors

CEO of Go Exporting, Mike Wilson, has contributed 10 top tips to a global publication of 1001 business tips from 101 exporters and global trade advisors.

The publication, arranged by The Belmont Business Enterprise Centre Inc in Australia, will form part of an e-book to support sole traders and SMEs in expanding their exporting skills and knowledge, and how best to prepare for a national export development grant program.

The 10 contributions from Mike Wilson were:

  1. Define your objectives
  2. Prepare your export readiness action plan
  3. Discovering where to export
  4. Finding focus
  5. Choosing routes to market
  6. Assessing pricing and market entry viability
  7. Creating a bespoke international marketing plan
  8. Defining how to implement that plan
  9. Compiling a detailed export plan
  10. Reviewing and refining your approach

Read the 10 tips in full with added detail here.

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LeadsTrack delivers for INEA

A major aspect of international expansion is researching prospects and arranging introductions with prospective clients in your target territories. And that’s what Go Exporting has been doing for Slovenian-based automation, intelligence and energy specialists, INEA.

INEA delivers industrial automation, manufacturing intelligence, and industrial energy management solutions worldwide. It is one of the largest system integrators and industrial solution providers in Europe, specialising in display assembly and visual inspection.

And to help their expansion plans across Europe, they engaged Go Exporting to help find prospects of the right calibre to drive that growth.

Chief Commercial Officer at INEA, Saša Muhič Pureber, said: “We are looking to expand our international reach and engaged with Go Exporting to support this project via their LeadsTrack service. From the beginning, they showed a high level of professionalism and commitment by taking the time to understand our advanced technology, its benefits for our customers, and the niche markets we work in.

“Go Exporting created an ideal customer profile for our products and then carried out extensive research to find companies matching that profile on a global scale. These companies were approached by the Go Exporting team using various methods with a view to arranging meetings for our team to introduce our technology.

“We have been extremely pleased with the results. Go Exporting’s activities have introduced INEA to a number of new potential customers and our team has been impressed with the quality of the leads provided.

“We highly recommend the services of Go Exporting for any company intending to expand into new international markets and looking for introductions to new customers.

“We found LeadsTrack from Go Exporting to be a cost-effective and efficient method of finding new customers in our target markets.”

Mike Wilson, CEO of Go Exporting, noted: “It is a pleasure working with INEA, introducing their advanced manufacturing and inspection systems to new markets. We have secured introductions and RFQs for significant projects from key OEMs and Tier One manufacturers for their technical teams to progress.

“We continue to work with INEA and thank them for selecting our LeadsTrack service to support their international expansion.”

International lead generation with LeadsTrack

Are you looking to find new customers in your target markets with the support of proven experts in international expansion? Then LeadsTrack will work for you, too.

We have developed LeadsTrack to provide businesses with a cost-effective solution to generate high-quality enquiries. Our team of researchers and local consultants are skilled in identifying the right contacts and turning them into genuine opportunities for your organisation.

Your international lead generation, taken care of.

Learn more about LeadsTrack here.

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