Continued Growth for UK Food and Drink Exports: FDF Trade Snapshot
The Food and Drink Federation‘s (FDF) Q3 Trade snapshot data indicates that British exports remain on an upward trajectory, particularly in nations aiming for comprehensive UK trade agreements.
This quarter, exports have experienced tremendous growth at a 23.2% increase compared to the same time last year. This increase is attributed to both EU and non-EU countries’ demand for exported goods significantly increasing in this period of time. Sales to the European Union are on an impressive surge, having reached near pre-pandemic heights – a fantastic 18% increase!
While the value of UK exports has been increasing due to rising prices, their volume also remains on an upward trajectory. Demand for British food and drink has been increasing immensely in certain EU countries, as well as blooming rapidly outside the continent – UAE, Singapore and India most notably. This is due to an elevated appreciation of high-quality English commodities such as cheese and gin.
The FDF’s Trade Snapshot provides an illuminating review of UK exports and imports of food and drink during the third quarter of 2022.
Key Highlights
– Europe is experiencing a huge surge in food and beverage exports, particularly from Italy (42%), Spain (52%) and the Netherlands (35%). Outside the EU, countries such as the UAE (41%), Singapore (20%) and South Korea (35%) are leading this growth when compared with 2021 figures.
– The UK’s desire for high-quality food and drink in Malaysia has seen a remarkable increase of 38%, and the accession to CPTPP will continue this growth as it reduces tariffs on UK exporters.
– The UK’s top exports are booming this year, with gin and cheese showing an impressive increase of 41% in value and 35% in volume compared to 2021.
– Imports from nations outside of the EU remain robust, increasing 14% since 2021 and a staggering 23% above pre-COVID levels as companies explore an array of sources for their essential supplies.
News Credits: Trade snapshot shows continued growth for UK food and drink exports
You may also like: