The Food and Drink Federation (FDF)’s latest trade snapshot shows that food and drink exports have seen significant growth in both EU and non-EU markets, with gains for both beef and pork.
British food exports were 23.2% higher than in Q3 2021, with sales to the EU up nearly 18% and approaching pre-pandemic levels. The value of beef and pork increased by 57.6% and 3.4% respectively, and volume increased by 23.1% and 8.4%.
While rising prices have increased the value of UK exports, volumes have continued to grow. FDF said that this can be attributed to soaring demand for UK food and drink in certain EU member states and rapid growth further afield, including in the UAE, Singapore and India.
The FDF’s Trade Snapshot examines latest developments in UK exports and imports of food and drink in the third quarter of 2022. Key findings include:
- Food and drink exports have seen significant growth in EU countries led by Italy (42%), Spain (52%) and the Netherlands (35%). Non-EU markets set for new or improved trade deals with the UK have also seen a significant boost in UK exports, with the UAE (41%), Singapore (20%) and South Korea (35%) all seeing strong growth compared to 2021.
- Rising demand for quality UK food and drink in Malaysia saw exports growing by 38% and the UK’s planned accession to CPTPP would support further growth by cutting tariffs facing UK exporters.
- The majority of British top products have seen strong growth compared to 2021.
- Imports from non-EU countries continue to see strong growth, up 14% compared to 2021, and over 23% compared to pre-Covid levels as businesses diversifying their sourcing of key inputs.
Exports to South Korea are showing strong growth as businesses benefit from preferential access via the continuity free trade agreement. FDF said that an updated FTA could boost UK exports even further, through simpler and more generous rules of origin and cutting the cost and burdens of trade documentation.
The report highlights the UK-Singapore Digital Economy Agreement (DEA) as a good example of streamlining movements of goods at the border and cutting the cost of trade. FDF said that the agreement, which came into place in June 2022, will help to reduce costs, complexity and delays at the border, which is particularly important for trade in perishable food and drink due to the limited shelf lives of products.
More information about the report can be found here.
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
