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Published: 24 June, 2008: FISHupdate.com
UK total exports of fish and seafood amounted to £1,003.6m in 2007, increasing by 5.2% compared to the previous year, according to the latest figures from market development network Food from Britain.
The UK’s food and drink export market has experienced a record-breaking year, comfortably exceeding the £11bn mark for the first time ever.
In 2007, despite the backdrop of a challenging global economy and the resurgence of foot and mouth disease, the UK’s exports smashed the 2006 record by 9.1% bringing export figures to £11.45bn and this strength shows no signs of waning, despite an increasingly difficult market ahead.
Significantly, food and drink exports grew ahead of imports for the first time in five years and while the trade gap has risen to around £15bn, this shows how dynamic the UK’s export market has become.
All major product categories recorded positive results during the year, with the exception of soft drink exports which declined by 12.7 per cent to £15,141m, due to a decrease of sales to a number of key European and North American markets.
Ireland continues to be the leading export market and, with UK imports totalling £2.242bn, and with 12.4% growth on 2007, the country is set to continue as the lead export market for years to come. France is the UK’s second largest export destination, with £1.384bn worth of goods imported in 2007 and a modest 0.8% growth rate. The US has recorded a small decline in UK imports, but with the weak dollar set against the strong pound, this was perhaps inevitable.
In the EU, it is the new member states that have paid the highest dividends, albeit from a modest base. Slovakia registered a 112.5% growth (to £8.5m) and Estonia recorded considerable growth of 44.9% to £46.5m. Poland, the Czech Republic and Hungary have witnessed a boom in demand for new food products and an increase in tourism has fuelled the demand for imported items, although local cuisine still dominates.
Strong performance in Non-EU markets came from the emerging economies of Russia (+14%), fuelled by growing demand for premium and speciality food; Dubai (+20%), fuelled by a continuing boom in the tourism and leisure infrastructure; and India (+32%), where an increasingly affluent middle class of 350 million are looking for new food experiences; as well as Singapore (+61%), where there was an increase of over 80% in exports of Scotch whisky as the country acts as a regional distribution hub for the rest of South East Asia.
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