Despite an increasingly challenging global economic environment, the world continues to demand British goods from regions right across the country. HMRC data released today (6th June) shows that Welsh goods exports in the 2018/19 financial year grew by 7.5% to a record high of £17.7 billion.
[aoa id=”1″]As well as increased demand for Welsh goods, the number of Welsh businesses exporting goods abroad has risen. In the 1st quarter of 2019, 2,816 Welsh businesses exported abroad, 83 more than the previous year.[/aoa]
A key driver to the increased demand for Welsh goods is the spiralling demand from North America, where exports shot up at the fastest rate of any country grouping. In the 2018/19 financial year, Welsh good exports to North America increased by 13.2% to £3.0 billion.
Secretary of State for International Trade, Dr Liam Fox, said:
“I am delighted that goods exports from Wales have boasted particularly impressive growth rates over the past financial year, which is a consequence of the outstanding quality of produce and resilience of businesses across the region.
“When local Businesses trade internationally, they provide profound economic benefits to the local economy, including more jobs and cheaper goods. By diversifying their markets globally, businesses of all sizes can benefit from increased competitiveness, which encourages greater innovation and prosperity.
“I encourage businesses throughout Wales to use todays statistics as evidence that despite the global headwinds getting stronger, the world demands British goods at unprecedented levels. My international economic department is keen to work with businesses to ensure their full exporting potential is unlocked.”
One business tapping into overseas demand for UK cheese is Snowdonia Cheese Company who were founded in North Wales in 2001 by a group of dairy farmers.
A spokesperson from Snowdonia Cheese Company, said:
“Over the last seven years, we’ve expanded our business into international markets including Canada, US, Europe, Australia and Asia. These markets in particular seem to have a real affinity with British products and consumers and investors have been extremely warm and welcoming to us – it’s helped to grow the business significantly.
“In Asia we have established business in Singapore and Hong Kong where we work with local distributors. They are selling our products into the foodservice and retail sectors. We have recently been involved with tradeshows in Hong Kong and Singapore, events supported by the Department for International Trade.”
