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The performance of UK exports and goods over the last twelve months has continued to rise, reaching a new record high despite a challenging global trade environment and impending departure from the European Union. In the 12 months to May 2019, overall exports increased by 4% to £647.1 billion with goods exports alone increasing by
After two decades of negotiation and amid a growingly protectionist political backdrop, the EU and South American member states of the Mercosur economic bloc have signed a trade deal that by some metrics is the largest ever agreed. The deal, which will see tariffs cut or removed on goods and services between both countries, will
The Institute of Directors has warned businesses to pick-up the pace of no-deal Brexit preparations, saying British businesses have made little progress in planning for a hard exit this October. The group said that businesses ‘cannot afford to put their faith in politicians to produce a Brexit resolution’. A survey conducted of its members found
The Society of Motor Manufacturers and Traders has issued a stern warning against a hard Brexit, suggesting border delays alone could cost the sector £50,000 a minute. The prediction was published as part of the trade body’s report into the car industry – the country’s single biggest exporter of goods. It warned that shipments of
The value of goods exports has increased once again across all four regions of the UK as demand for British products continues to grow overseas. Through the 2018/19 financial year, Scotland recorded the highest growth, whilst Wales and Northern Ireland also returned strong international trade increases. England continues to deliver the highest trade value with
International sales of Scottish food and drink have surged to a record-breaking £1.4 billion in Q1 2019. A healthy increase of 14% since last year, latest figures highlight strong demand in particular for Scottish salmon and, of course, whisky, which accounted for three-quarters of all export sales last year. On the latest figures, Food Minister
Car production in the U.K. has been cut almost in half as manufacturers induce an early summer slowdown. According to the Society of Motor Manufacturers and Traders (SMMT), factories produced nearly 45% fewer vehicles in April compared to a year previously with just 71,000 cars rolling off production lines – 60,000 fewer than April 2018.
The trade deficit remains far higher than forecast by City economists as British businesses continue to stockpile critical goods and components ahead of a delayed Brexit. The deficit in Q1 this year hit £18.3bn, a record high for any three month period and nearly double the £9.4bn disparity seen in the final quarter of last
By Mike Wilson In my last article writing for Cheshire Media Magazine, I speculated that there could be a delay to Brexit beyond the March 29th planned exit, yet questioned whether giving the politicians more time to argue would make any real difference? Unfortunately, it turns out I was right and we sit here today,
Data from the ONS has revealed that the 5 fastest growing export markets for UK businesses are in Asia. Figures released last month highlighted 40.8% growth in Taiwan, followed by 19.3% export growth in India. Other emerging markets seeing significantly higher growth than the average of 2.7% for UK firms include Nigeria (up 18.3%), Thailand
Over three-quarters of small businesses in the UK feel unsupported ahead of Brexit, according to a new report. A survey carried out by Simply Business uncovered that 76% of the 1,200 small business owners they asked feel like they lack the support they need in the run-up to the UK leaving the European Union, whilst
HMRC has extended the deadline of its customs training fund until 31st May 2019 to help businesses prepare for Brexit. The £8m fund, which was announced in October last year, is designed to help businesses prepare for a no-deal scenario and includes funding to train intermediaries and traders completing customs declarations, IT improvement funding and
Export sales of British beverages reached a new high in February, with demand for Scotch whisky and British gin proving particularly popular with international palates. In total, international sales hit £8.3bn, up 7% on February 2018, marking a doubling of demand in the last 15 years and providing a surpless of £1.6bn. Total service and
A new report has suggested that Brexit has cost the UK economy £550m in lost growth since the referendum in June 2016 – £66bn worse off in just three years. That’s according to Standard & Poor’s Brexit report, which noted the fall in the value of sterling as one of the primary factors affecting potential
The head of bathbomb and scented soap retailer Lush has given an insight into the potential damage a no-deal Brexit could cause to his business. Mark Constantine has lambasted the government’s approach to negotiations and its attitude towards businesses as the firm’s financials took a swung from a £23m profit to £4m operating loss last
Small businesses in Germany are being warned that too many are unprepared for Brexit and the potential disruption the UK leaving the EU will cause native firms. The warning primarily centres on financial services and access to financial products. Banks on the continent have been shifting market-related activities for some of their EU clients, such
UK fish exporters are being urged to sign-up to a new digital catch certificate service to ensure they’re able to continue selling to the EU in the event of a no-deal Brexit. Advice published by the Department for Environment, Food & Rural Affairs this month said that businesses should take action now to avoid issues
The number of UK firms exporting, and the value of exports, has increased once more year-on-year according to the latest DiT data. Figures from HMRC showed 110,800 VAT-registered businesses exporting last year, whilst the exports of goods across all four UK regions also increased. Scotland led the export growth charts with a 5.6% rise in
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Earlier this month we joined Business Wales for a webinar series supporting local companies to navigate Brexit and the road ahead. This episode looks at Rules of Origin, including a detailed look at what they are, the difference between non-preferential and preferential Rules of Origin, how they work in practice, how to determine and claim
We are all hopefully aware that Brexit is going to mean changes to the way we export to the EU, in particular with customs declarations, added red tape, Vat changes and so on. But what effect will it have on our relationship with agents and distributors? The obligations, rules and regulations surrounding each will be
With the end of the transition period fast approaching on 31st December this year, we still do not have a Free Trade Agreement (FTA) in place with the EU. Some commentators are hopeful one can be reached but difficult obstacles remain surrounding fishing rights and Government subsidies. It is still possible the UK could tumble
Opening a world of opportunities for businesses with ambitions to export.
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