The Welsh Government will invest over £4m over the next year to support Welsh businesses find new export opportunities in global markets, Economy Minister, Vaughan Gething, announced today.
Speaking at the Explore Export Wales conference in Cardiff, the Minister is today unveiling an ambitious programme of export support, including a series of international trade missions, available over the next year to support Welsh businesses find new opportunities in markets globally, helping to secure and create new jobs here in Wales.
According to the most recent data, Welsh firms exported £14.3 billion worth of goods in the year ending September 2021. For the third quarter of 2021, Welsh exports to the EU were up 4%, and up 27% to markets outside of the EU (compared to the previous quarter) – while exports decreased for the UK as a whole during the same period.
The Welsh Government’s International Strategy sets out a commitment to supporting the growth of the economy by further increasing Welsh exports.
To deliver that ambition, the Welsh Government launched a new Export Action Plan for Wales in December 2020 setting out a range of support aimed at helping Welsh exporters to recover and rebuild in the immediate term following the Covid 19 pandemic and from the impact of the UK leaving the EU; as well as to drive growth in Welsh exports in the longer term.
The funding announced today will enable the continued delivery of an ambitious and comprehensive range of export development programmes during 2022/23, including:
- The delivery of Phase 2 of the New Exporter Programme, commencing in April, which is aimed at converting sporadic or non-exporting businesses into new and sustainable exporters;
- The development of newly established Export Clusters, focussed on key sectors to encourage companies to work collaboratively to overcome export barriers; and,
- The delivery of a comprehensive programme of Overseas Trade Events which will support businesses to visit key export markets and take part in overseas trade exhibitions to showcase their goods and services on a global platform. In 2022/23, the programme will have a strong focus on the vital European export market, as well as activities in North America, Latin America, the Middle East, Asia, Australasia and Africa.
Economy Minister, Vaughan Gething said:
“The Welsh Government is fully committed to helping Welsh businesses grow, helping them to create new jobs closer to home and boosting the Welsh economy.
“Exporting is a great way of doing just that, and that’s why we want to encourage more Welsh businesses to export their goods and services internationally.
“The comprehensive and far reaching programme of export support for 2022/23 I’m announcing today will help us deliver the commitments we’ve set out in our Export Action Plan for Wales by supporting the growth of our economy through increasing Welsh exports now and in the longer term.
“We have so many unique and cutting edge products and services here in Wales. We’re determined to do all we can to support businesses to showcase them on a global platform to develop international trading opportunities and raise the profile of Welsh industry internationally.”
Paul Slevin, President of Chambers Wales South East, South West and Mid, said:
“Exports are essential in driving business success and growth and will be an important facet in Wales’ economic recovery. Over 50% of businesses in Wales export and therefore we welcome the Welsh Government’s significant £4m investment to support exporters.
This investment will also be an excellent opportunity for Welsh businesses to get into exporting for the first time.
“In our Quarterly Economic Survey in Q4 of 2021, 42% of businesses said their export orders have decreased and preliminary results for Q1 show a similarly worrying figure. Access to new global markets through the proposed trade missions and events, supported by free trade agreements, will be vital in creating opportunities for the growth of exports.
“International trade has many complexities, and we are proud to play our part in helping businesses import and export through our global network of connections, in-house expertise and training courses.”
