Posted: February 1, 2023
No matter where you sit on the political spectrum, it is undeniable that the UK economy is facing turbulent times. If the various news headlines and forecasts are to be believed, the UK is expected to spend a large portion of 2023 in an economic recession. Skyrocketing energy bills combined with high inflation rates are leaving businesses searching for new ideas and strategies about how to emerge (relatively) unscathed. Brands are desperately seeking ways to survive, or ideally maintain a level of growth despite the rather gloomy backdrop in the UK currently.
One avenue worth considering is to look internationally to strengthen and stabilise during a recession, exporting to new markets and benefitting from perhaps more reliable economies while the home-front rebounds back. While the UK may be facing quite concerning predictions for the next months or years, other economies around the world are not experiencing the same level of turmoil. As such, diversifying your market to a more global base could be the trick to protecting your business in times of hardship.
The wta group have released a new in-depth research report into the opportunities and challenges to pursuing exporting as a protective policy during a recession, including several insightful and varied case studies to further explain this approach.
Benefits of being British?
No matter how much we may be typecast as the bad guys in Hollywood, when it comes to exporting, being British is good. 51% of international shoppers have commented they would hold out for a British product, rather than buying a non-British one, which offers vast potential for British brands. So, what is it that makes British goods so internationally loved?
Within our new whitepaper we unravel some secret weapons which your business can exploit when looking to expand your businesses horizons.
“There is an assumed ‘it’s British so it will be good quality’… I still think that is a big element which opens a lot of doors.” Glenn Cooper, Chairman at Inovus Medical.
"Wanted: British brand, seeking suitable and prosperous economy to enjoy exporting trade success with."
Given the UK only makes up less than 1% of the world’s population, trying to decide where out of the other 99% to target can feel like a bit of a minefield. With multiple factors to consider and numerous new strong economies emerging, picking where to take that next step needs to be a carefully considered choice. Thankfully though, there is a plethora of research and support out there to mitigate the risks and help you make the right call for your business.
“Whilst cultural similarities can be a useful indicator of whether your export journey would be successful, it’s far from essential. It could be the case that your goods transcend these barriers.” Catherine Godwin, Export Development Manager, wta group
Examining the potential markets however shows 2 strong opportunities which British businesses should pay close attention to: the USA and the EU. While this by no stretch of the imagination should mean that other markets, including the fast-growing economies of Asia or the ever-attractive Australia, should be discounted, they simply come with their own series of challenges and drawbacks. However, the closer physical distance and close cultural ties of the USA and Europe should present these markets as strong frontrunners in any exporting conversation.
The research report compiled by wta group explores the various strengths of the USA and EU markets for any British exporter, detailing the import/export value the UK has experienced with each, as well as some key factors which might make them particularly accessible.
Following Brexit, Britain has now been busy working on establishing positive trade agreements with various countries, heralding a new era for British trade and presenting British businesses with a fresh set of opportunities to discover.
We are international freight experts, dedicated to streamlining your supply chain and reducing the overall cost and stress of supply chain management. We know that each business has its own individual needs, which is why we offer a completely personalised solution. So, whether you’re an established exporter moving into your next market or you’re looking to take that first international step, we can work hand-in-hand with you throughout this journey to help you reach, and exceed, your goals.
I hope you find this latest whitepaper instructive and helpful, and if you have any questions, please reach out to me below and we can discuss how wta group can support your individual needs.
Catherine Godwin, Export Development Manager, wta group