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%.
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- 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.
- 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.