FOCUS ON: INTERNATIONAL TRADE
Look overseas to boost your business
Exporting goods and services can be a profitable enterprise. And it’s not just for big businesses. Almost any SME could claim a slice of the cake as long as what they are offering is technically acceptable in the country concerned.
H
istorically, the UK economy has benefited from international trade and we are
still the second largest exporter of services and the ninth largest goods exporter in the world. However, since 1950, our share of world trade has fallen from 10% to 3% and our balance of payments deficit has been a drag on UK growth in every year since 1997.
TIM INSTONE MANAGING DIRECTOR, THE EXPORT OFFICE
The current account deficit, the difference in value between what we import and export, is around 2.5% of Gross Domestic Product. So it’s no wonder that the Government is focused on encouraging export growth as part of its efforts to improve economic conditions and 2012 is a good place to continue that process, thanks to the London 2012 Olympic and Paralympic Games which will put Britain in the global shop window. Trade and Investment Minister, Lord Greene, will be in Bristol on 16 January to reinforce the point and other heavy hitters have been putting their weight behind the effort. Deputy Prime Minister, Nick Clegg, went to Mexico to help strengthen trade, tourism and cultural links with a pledge to double trade to £4.2 billion by 2015. In fact progress is already happening. In the first six months of 2011 UK goods exports increased by 12% and imports from Mexico by 20%.
Meanwhile, Business Secretary, Vince Cable, has been doing his bit to cement business ties with
18 Business West Update JANUARY/FEBRUARY 2012
SALLY WALKER, MANAGING DIRECTOR, SALLY WALKER LANGUAGE SERVICES
Brazil, by attending the sixth annual Joint Economic Trade Committee. It was more than just talk because he signed a document which underlined the commitment of the UK and Brazil to work together to ensure that the intellectual property system promotes innovation and growth in both countries. That’s an important piece of work, because many modern exports are not solid manufactured goods, but rather creative products. Probably the best example of that is the UK’s amazing export of musical talent which is worth £4 billion to our economy. British artists are responsible for an astonishing 12% of all global sales and one in five Top 50 selling records released around the world.
LYN PALMER INTERNATIONAL TRADE MANAGER, BUSINESS WEST
‘Many modern exports are not solid manufactured goods, but rather creative products’
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32