There has been a lot of activity surrounding China as an export market in recent weeks, and with the second-biggest global economy, the world’s largest population, and over 40 cities with more than one million inhabitants, it is unsurprising that China presents considerable trade opportunities.
Trade between the two countries is strong. In the UK, we are very familiar with Chinese imports; after the US, China is the UK’s second largest import market. Of the £50 billion of bilateral trade between the two countries, 70% is imported into the UK. But what about the other way around?
While there are many UK businesses who already operate in China, such as those featured in the latest Challengers supplement of The Times, we want to help more businesses find and connect with the many opportunities that China presents.
Having been closely involved with Asia for many years, I have witnessed how essential it is to have local knowledge, which is why we partner with Bank of Shanghai. Through our collaboration, we have been helping businesses access this local expertise to support their expansion into the region, and I’d like to share with you some of our recent activity.
In November, we gave nine food and drink sector businesses from the North West their first taste of the market and connected them with Beijing and China during a Virtual Trade Mission; you can read more about it here.
Since then, some of the delegates have flown out to China where they were met by our partners, Bank of Shanghai.
In addition, last month, eight businesses from across the UK took part in our China Trade Mission, in partnership with UKTI, China-Britain Business Council and Bank of Shanghai. The delegates took part in a range of one-to-one meetings and were able to experience first-hand some of the possibilities that this market offers.
The delegates and our partners have documented some of their experiences from the mission.
China can present vast opportunities, but like any export market it comes with its own challenges. However, as Dennis Lin explains, with the right support they can be overcome.
Feeling inspired? The opportunities are waiting for you. Visit our Trade Portal to find out more.