Summary
Our 2024 trade snapshot reveals that food export volumes are down 12.6% year-on-year. Imports of food and drink are at their highest ever level, while the data reveals an increasing gap between imports and exports with the EU.
Exporting & importing
Export volumes of food are down compared to last year.
Opportunities exist to leverage FTAs such as CPTPP and to target emerging markets like Türkiye and GCC countries. Exports to the USA showed strong growth, with prospects of a UK-US trade deal that could preempt tariffs being an opportunity to protect vulnerable sectors.
Imports of food and drink are at their highest ever level.
However, challenges remain on ensuring universal food safety regulatory compliance, with many products now subject to enhanced UK import controls. Improved engagement with suppliers and competent authorities abroad is required. Moreover, a facilitative regime for importing product samples would help unlock key investment in the industry, making the UK a hub for food and drink R&D.
Focus on the EU
It has been five years since the UK’s departure from the European Union. The UK’s global food export volumes have declined significantly more than other major European countries, demonstrating that the UK’s challenges aren’t part of a global trend but rather unique to the UK’s post-Brexit circumstances. Working towards an SPS agreement would help mitigate trade disruptions and enhance competitiveness.
