UK exporters to South Korea tie up deals worth 'tens of millions'
UK exports to this fast-growing nation increased by 9%
UK exporters to South Korea have landed deals they estimate to be worth over £70 million following support from the Department for International Trade (DIT).
UK-made products ranging from hydrogen fuel cells and offshore wind technology to lifejackets will be supplied to the South Korean market through deals made at DIT-supported trade shows in South Korea.
In fact, UK exports to this fast-growing nation increased by 9% (or £620 million) in the year to June 2021 compared to the same period the previous year.
South Korea is the tenth largest economy in the world and a growing market for exports of top-quality British products. The country forms a key part of UK’s strategic tilt to the Indo-Pacific region as we look for new opportunities to trade.
Trade between our two nations increased by 6% to total £13 billion in the year to June 2021, and the UK exported £2 billion more to South Korea than it imported.
DIT’s Pavilion showcase series - which provides stalls for UK companies to exhibit at overseas tradeshows - has enabled British firms to promote their products at South Korea’s largest events.
Secretary of State for International Trade Anne-Marie Trevelyan said:
As part of our Global Britain agenda we are helping businesses capitalise on the huge demand for British goods and services in South Korea. As the UK eyes future growth opportunities in the Indo-Pacific, we plan to strengthen trade ties with the region’s biggest economies.
We recently negotiated the world’s most ambitious digital trade deal with Singapore, and we’re on track to join the CPTPP this year, a huge free trade area with a combined GDP of £8.4 trillion.
The government also provided tailored export advice to improve firms’ understanding of the South Korean market and grow their network.
One of the UK businesses that credit DIT’s support in contributing to deals brokered this year include:
Survitec – the safety and survival solutions firm, with a base in Ellesmere Port - which designs and manufactures a wide range of goods from lifejackets to medical equipment and PPE – signed a contract worth £17 million over the next five years to supply its products to South Korea.
This year the government plans to review the Continuity Free Trade Agreement with South Korea which came into force on 1st January 2021.
The deal has already helped businesses across a wide range of sectors - including tech and clean growth – enter the South Korean market and with the growth in demand for British goods and services, there is scope to expand trade even further.
Minister for Exports Mike Freer said:
UK exports to South Korea boomed last year, with British businesses wrapping up deals worth tens of millions. We expect this trend to continue as we implement our new 12-point export strategy and build out our ambitious UK Tradeshow Programme.
Not only will this plan give businesses the tools needed to take their top quality products worldwide, but it also focuses support on SMEs and businesses outside London to help level up opportunities throughout the UK.