DIT to explore international trade opportunities for Britain

In coming months, representatives on behalf of the Department for International Trade (DIT) will be visiting countries all across the globe to investigate potential new trade opportunities for Britain.
Earlier this week, the DIT published a full list of countries which International Trade Secretary Liam Fox intends to visit between February and April this year.
Next month, Mr Fox and his Ministers will visit Bulgaria, Belgium, India and Spain. This will be followed by visits to Hong Kong, the US and the Netherlands in March.
The intention is to boost the UK’s trade and investment relationships with various nations both in and outside of the European Union (EU) ahead of Brexit.
The news comes at a time when British export activity is booming, with overseas demand for British-made products strong due to the weak value of sterling.
In recent days, the Confederation of British Industry (CBI) released its latest quarterly Industrial Trends Survey, which found that manufacturing output and export orders had both increased substantially quarter-on-quarter.
Of the businesses assessed as part of the survey, 33 per cent reported increased output, while only 12 per cent reported decreased output.
However, concerns have been raised that despite booming export activity, the weak value of sterling is beginning to have an adverse effect on the profits of many British manufacturing firms.
CBI Chief Economist Rain Newton-Smith warned that currency pressures were leaving a “mark on firms’ costs and margins.”
Ahead of the Trade Minister’s visits to discuss potential new links overseas, the department is calling on businesses that trade internationally to get in touch with the DIT to share their views.

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