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New ‘Race to a Trillion’ strategy introduced to boost UK exports to £1 trillion…

The Department for International Trade has published a 12-point plan to assist UK businesses with hitting a £1 trillion target in exports.

The government has just launched a new ‘Made in the UK, Sold to the World’ initiative to double UK business exports and sell world-class British products across the globe.

Wednesday saw the Department for International Trade (DIT) introduce a 12-point export strategy to provide businesses with the necessary tools to push the UK to the forefront of international exports and enjoy more prolific free trade deals.

The strategy includes an Export Support Service to offer professional exporting advice and a new UK Tradeshow Programme especially tailored to those areas outside of the capital and the south east to promote their products globally.

The DIT also introduced an Export Academy in October and will now be expanding across the entirety of the UK. The academy will include masterclasses, roundtables and networking events and will invite owners and senior members of SMEs to attend these.

While, as a nation, the UK exported £600 billion in goods and services in 2020, only one in ten UK businesses can currently be classed as exporters, with competitors such as Germany, Denmark and the Netherlands leading the race ahead of us in Europe.

It is hoped that increasing our export capacity will boost the UK economy and will fall in line with Boris Johnson’s ‘Levelling Up’ plan. Research commissioned by the government suggests that around 6.5 million jobs were supported by exports nationwide in 2016, with exporters also paying higher wages. These exporting businesses have also been proven to be 21 per cent more productive on average.

Secretary of State for International Trade, Anne-Marie Trevelyan, said:

“This is a defining moment in our national trading story. As we agree ambitious new trade deals around the world, it is more vital than ever that businesses across the UK take advantage of these opportunities and unleash their full exporting potential.

“Our export strategy will help more businesses start exporting and help those who already export to sell more products to more countries. Reaching £1 trillion worth of exports by the end of this decade means more jobs, more opportunities and higher wages helping the UK to level up and build back better.”

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