Trade Snapshot: Q1 2023
30 May 2023
The FDF Trade Snapshot shows that Exports were up 10% reaching £5.9bn in Q1 2023, driven by double digit growth to the EU and a £100m increase to Ireland. Sales to a large majority of our top 20 markets were up, led by 70% growth to Spain and to Singapore, while exports to Taiwan were up 35%.
Topics
Download (399 kb)Exports
- Exports were up 10% reaching £5.9bn in Q1 2023, driven by double digit growth to the EU and a £100m increase to Ireland.
- Sales to a large majority of our top 20 markets were up, led by 70% growth to Spain and to Singapore, while exports to Taiwan were up 35%.
- There was strong value growth for most of our top products, led by a sharp rise in wheat due to a large surplus of exportable grains.
- However, the rest of our top 10 products saw volume sales drop, highlighting the role of rising prices in the growing value of UK exports.
- Government recently announced a package of new support that will deliver additional food and drink export growth, including five specialist attachés to tackle barriers to trade.
Imports
- Adverse weather in Europe affected the cost of essential ingredients, pushing up the value of imports and driving high food price inflation.
- Government can help cut the cost of imported food and drink through temporary duty suspensions, but the process needs to be more efficient and responsive.
- Mirroring exports, the value of imports increased while volumes fell in most top categories – imports of fruit and wine were down in volume and value.
- The value of imports from Brazil was up by nearly a half, while purchases from Ireland, Poland, Thailand and Canada were all up more than 20%.
- The Netherlands remains our top supplier, though some of this originates from other countries but arrives here via the Port of Rotterdam.
Business insights and economics
We publish economic analysis and insights highlighting the strength of UK food and drink manufacturing and opportunities to drive growth and productivity improvements.
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