Government launches “ambitious” new export strategy

International trade secretary Dr Liam Fox has announced an “ambitious” new export strategy to increase UK total exports as a proportion of UK GDP from 30 percent to 35 percent, with the aim of making Britain a “21st century exporting superpower”.

The new strategy comes as the Office for National Statistics figures revealed that exports are currently at a record high, as British companies exported 620 billion pounds of goods and services last year, accounting for 30 percent of our GDP.

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, and its new export strategy is aims to “encourage and inspire more businesses to export,” said the Government in a statement.

The strategy, which the Government states is a response to a call from business, will offer information, advice and practical assistance on exporting, as well as facilitate peer-to-peer learning, and share success stories from existing exports to inspire other businesses.

The new online platform, great.gov.uk, will also work with large companies to help build the capability of UK supply chains, and assess financial incentives and signposting as a means to support SMEs access new markets and private sector export support.

The Government has also launched a new campaign to target UK exporters and to raise awareness of export funding of up to 50 billion pounds and insurance support from UK Export Finance (UKEF), and promote UKEF support in overseas markets to help UK companies win contracts.

“The United Kingdom is a great exporting nation and our exporters lead the way, in creating jobs, raising wages and growing our economy,” said Fox in a statement. “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.”

He added: “As we leave the European Union, we must set our sights high and that is just what this export strategy will help us achieve.”

Carolyn Fairbairn, director general of the Confederation of British Industry (CBI), added: “The CBI strongly supports the ambition to make exports 35 percent 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 percent 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.”