We are increasingly seeing the global appeal of British-made products. Exports will help drive UK economic recovery and growth – and British-made products offer UK businesses a price differential in new markets.
As the UK moves towards greater stability post Covid-19 and post-Brexit, increased globalisation and rapidly growing emerging markets present incentives and opportunities for British firms to export. A willingness among consumers in key markets to pay a premium for British-made products, and growing overseas demand for ‘Made in Britain’ goods, further enhance the appeal for UK firms to export – and could have a positive impact on return on investment.
Barclays recently surveyed 10,002 consumers across 10 international markets – France; Germany; Republic of Ireland; the US; China; India; United Arab Emirates; the Netherlands; South Korea and South Africa – to find out the average price differential they are willing to pay for British products. Our research showed that, while the EU and the US remain important trading partners for the UK, there are significant opportunities for British businesses to grow exports in emerging, high-growth markets such as China, India and UAE.
The opportunities for UK businesses increasing exports into these markets stretch beyond simply financial growth. New revenue opportunities help diversify a business’ customer base and scaling up offers increased efficiencies. Scaling up also enables businesses to explore innovation and to recruit people with the skills and outlook to take new directions and seize new opportunities. All of these developments have the potential to increase competitive advantage and provide long-term stability. For British businesses keen to seize the opportunities that exporting presents, it is clear there are considerable rewards to be gained.
You can read more at www.barclayscorporate.com/insights/trade/made-in-britain/
For information on how Barclays can support your business in the Midlands region contact Rebekah Taitt, Relationship Director, Corporate Banking, Barclays at firstname.lastname@example.org