WTA is proud to sponsor the British Chamber of Commerce's (BCC) highly anticipated 2023 Trade Manifesto. This newly revised manifesto, unveiled on Thursday 13th July 2023, outlines the BCC's key recommendations to boost UK export trade. In a time when SME exporters face numerous obstacles in international trade, the manifesto offers strategic guidance for policymakers.
Recent research from the BCC has revealed that British SMEs are grappling with inflationary pressures and the restructuring of global supply chains, leaving them in increasingly difficult positions.
- In Q2 of 2023, half of all SME exporters (50%) saw no change in overseas sales, and almost a quarter (24%) reported a decrease.
- Just over a quarter of exporting SME firms (26%) saw their overseas sales increase in Q2.
- SME Manufacturers fared slightly better as 30% saw an increase, with the services sector at 23%.
- The last time more than 30% of firms saw increased export sales was in Q4 2018.
Recognizing this challenge, the BCC's revised Trade Manifesto emphasizes the need for industrial and export support strategies in vital sectors such as high-value manufacturing, food and drink, construction products, and services.
The UK has seen a recent flurry in new trade agreements, such as joining the CPTPP, The Atlantic Declaration with the USA, new discussions with Switzerland, and the Free Trade Deal with Australia coming into effect; all of which will encourage higher levels of international trade by removing barriers and cutting costs. However, the manifesto underlines the importance of reducing the cost of exporting to key markets through further effective governmental cooperation.
One of the significant proposals put forth is for a UK-US Trade and Economic Council, which would formalize engagement on green trade, growth, new technologies, digital trade, supply chains, and regulatory cooperation. Additionally, it calls for the revision of regulations and subsidy frameworks for crucial green products such as electric vehicles, batteries, and wind turbines. Simplicity and ease of trade between the UK and the EU are highlighted as areas requiring attention and improvement as well.
As ardent supporters of UK export trade, WTA fully endorses this manifesto and the recommendations put forward within it. Our 110 years working in international trade have given us a strong understanding of the importance of exporting and importing on the growth and resilience of the UK economy. Export-oriented businesses have been proven to grow faster and demonstrate increased resilience against regional disruptions.
Rochelle Sommer, Co-CEO of WTA, echoed the sentiment of excitement surrounding UK companies' opportunities to enhance their international trade. Sommer emphasized that exporting serves as a strategic tool for growth, providing robustness to profit and loss by minimizing seasonal fluctuations and safeguarding growth strategies against economic downturns.
“As well as encouraging and supporting the £1tn export target, this manifesto is committed to the digitization of supply chains, something we feel passionately about at WTA. This digitization was one of the key drivers for our partnership with the BCC, as we feel digitization is what turns supply chains from transactional parts of a business to strategic, and it’s where WTA can add the most value for our customers”.
Shevaun Haviland, the BCC's Director General, emphasized the significance of international trade for British businesses.
"The world of international trade is where British business belongs. If our economy is to grow, then we must export more, it’s as simple as that." Haviland further noted that the new manifesto provides a long-term strategy to guide the government's focus in achieving the £1tn export target.
The Director General also highlighted the evolving nature of global trade and the opportunities that arise from advancing technology, the Net Zero movement, and shifting geopolitical landscapes. Acknowledging the UK's position as a world leader in digital trade, she emphasized the need to leverage this advantage and build strategies to protect the UK's supply chains, particularly in sustainable and low-carbon technology. Furthermore, Haviland stressed the importance of improving trade with the EU, acknowledging it as the UK's biggest trading partner. While recognizing the frustrations expressed by firms regarding complexity and costs, she expressed confidence in revitalizing export growth and strengthening the UK economy through collective action.
When first established in 1860, the aim of the BCC was to help companies grow by trading overseas, and it is an ethos that has never wavered. The release of this new trade manifesto is the latest activity adopted by an organization that prides itself on strong strategic alliances and a 53 Chambers of Commerce network supporting individual areas across the UK.
This document marks a significant milestone for UK exporters, offering businesses valuable insights and advocating recommendations to both firms and the overall government to help navigate the complexities of international trade. As sponsor of this initiative, WTA is dedicated to supporting and empowering UK businesses in their export endeavors. We encourage all businesses to seize the opportunities presented by the manifesto and leverage them to propel their growth and success on the global stage. Together, let's work towards a prosperous future for UK exporters in 2023 and beyond.
Learn more about the recent developments in international trade
