Recently released trade figures show that UK exports to China totalled £3.9bn in first quarter, followed by good performance throughout April-May which totalled £5.2bn.
British companies exported 1,941,236 tonnes of goods to China this first quarter, according to HM Revenue and Customs’ Overseas Trade Statistics. These exports totalled £3.9bn ($5.1bn).
After such a stimulating start to the year, UK to China exports for April and May – £1.8bn ($2.2bn) and £2.3bn ($3bn), respectively – have already surpassed the first quarter’s total.
UK exports to China pass $5bn mark in Q1, with April-May surpassing it in Q2
China’s eagerness to upgrade ease of trade has sparked a more robust and vigorous trading relationship with the UK, and there are still plans to strengthen this trade exchange.
Chinese Foreign Minister Wang Yi welcomed his counterpart, the UK’s new Foreign Minister, Jeremy Hunt, to Beijing on July 30. The meeting reaffirmed the pledge to explore cooperation in finance, law and innovation for a prosperous UK-China trading relationship.
Minister Wang sought to promote the openness and inclusivity of the Belt and Road initiative. “We welcome joint development and sharing through bilateral or three-way or four-way cooperation, whether the country is developed or developing."
While UK’s Foreign Minister, Jeremy Hunt added, “UK hopes to strengthen strategic dialogue with China, deepening understanding and friendship, pushing forward the sustainable development of the ’golden era’ bilateral relations.”
UK hopes to strengthen strategic dialogue with China, (…) pushing forward the sustainable development of the ’golden era’ bilateral relations.Jeremy Hunt - UK's Foreign Secretary
In a bid to surpass 2017’s total UK to China export sum of £16.7bn ($22bn), new strategies are being put in place to enable foreign exporters to find their ground in China’s market.
Initiatives like China’s newly streamlined customs application, for instance, which made its upgraded debut this year, enables ACOLINK’s service pathways to further simplify British businesses’ market entry to China.
The opportunity to export in a much more cost and time effective process makes China a key opportunity for UK businesses to explore their growth potential in a multi-faceted market.