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Asia
Asia’s relatively high growth forecasts make it a key target market for British manufacturers with expansion plans. China and India lead the world in terms of economic growth forecasts for 2012 and are likely to be the driving force behind the global economic recovery for quite a few years beyond that. If you couple this with the burgeoning middle class and growing consumerism across many countries in the region, targeting Asian countries seems like the most profitable and logical option for any business looking for new markets.
China is expected to displace America as the largest economy in the world, and India is likely to overtake Japan to become the third largest economy, while steady to strong growth is expected from a number of other Asian countries including Russia, Indonesia, Malaysia, Thailand, Hong Kong and Iran.
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South America
South America is ripe for small British companies interested in expanding their export efforts. The region is rapidly expanding, demand is growing, and most of its economies are open to trade. Countries in South America are more accessible than other countries, such as China, and much new growth in the world economy is taking place in countries like Brazil, Colombia and Mexico. UK exports of goods to Mexico, for example. Have grown by over 60% since 2009, and export services to Columbia have tripled.
With an abundance of opportunities for British Manufacturers in the fields of aerospace, automotive and energy, South America is and will continue to be a key trade market for companies keen to expand their export efforts on an international level.
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The Middle East
Despite its volatile reputation, the Middle East can be fertile ground for small business exporters. Although oil dominates the trade landscape in the Middle East, there are a multitude of other products that are exported from and imported to the region on a daily basis. Electronics, food products, and other consumer goods are in high demand throughout the Middle East, and many countries look to British businesses for the merchandise their people desire.
Key sectors for the UK in the Middle East are: infrastructure (construction and mass transport); energy; defence and security; education and training; financial and professional services; and creative and media.
The United Arab Emirates (UAE) is the UK’s largest civil export market in the Middle East and North Africa. It is the UK’s 13th largest export of goods market at around £5.1 billion and is designated as one of the UK Trade & Investment High Growth Markets.
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India
India may be a complex and challenging market but it is a one that cannot be ignored by UK companies that are seeking to expand and go international. India is the second fastest growing economy in the world, after China, with growth of 4.7% in 2014 and forecast for 6% to 7% by 2016.
India has a rapidly expanding consumer base, and with the removal of the majority of its trade barriers, it now holds huge investment potential for UK manufacturers. This potential is clearly shown within the automotive industry, as India is expected to become the world’s largest vehicle producer by 2020, making it the ideal market for companies looking to expand internationally. The UK has strong ties with India, and UK companies are well positioned to take advantage of this growing export and investment market.
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North America
The USA has the largest and most technologically powerful economy in the world and is Britain’s largest single export market. The U.S. economy is integrated and largely self-contained, with every major industry represented. U.S. manufacturers often source components overseas and UK goods have traditionally enjoyed a good reputation for quality in the United States.
As the UK’s top export destination, the USA is ranked as the fourth easiest country to do business with, and is, and expected to continue to be, the innovation centre for the world. With negotiations underway for the new Transatlantic Trade Investment Partnership, even more opportunities will arise for the UK, especially as a result of removing trade barriers by lowering tariffs and making regulations similar, adding as much as £10 billion annually to the UK economy in the long term.
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China
China is the UK’s main importer, and is a top 10 export destination for British goods. Since 2009, exports to China have doubled, and now exceed £1 billion per month. In 2011 UK exports to China were £13.78 billion in total, up 17.6% from the year before. Being roughly the same size as the United States and for that reason the 4th largest country in the world, China has a population of over 1.37 billion people, a fifth of the world’s total. It is the second largest economy in the world, and the second largest goods importer. With statistics like these, it is easy to see why China would be a key hotspot for UK manufacturers, and with the British government committed to further improving trade relations, for example with the EU-China free trade agreement, things will only be getting better.
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