UK Export Finance (UKEF), the UK’s export credit agency, has called for views on proposed changes to its Foreign Content Policy, which are designed to recognise the full contribution of the UK supply chain in the transactions UKEF supports. The proposed changes will enable UKEF to provide the most appropriate support for UK exporters and suppliers, ensuring that the UK remains competitive and enabling global buyers to purchase more easily from the UK. A copy of BExA’s response to the consultation can be downloaded here.
An Essex-based entrepreneur and member of the British Exporters Association (BExA) has launched a website aimed at helping UK businesses of all sizes to export with clarity and confidence – secure in the knowledge they have ticked the boxes that should put them in pole position for success.
The Export Hub www.theexporthub.com is the brainchild of Andy Moylan, a businessman and multi-award-winning entrepreneur with 25 years’ experience working with companies in the UK with an appetite for overseas growth. Moylan has assembled a team of people with decades of complementary experience to contribute to the website. All bases have been covered – export funding, marketing and sales, debtor protection, distribution, business development, credit management and more. The site will feature fresh content each week from key people of influence; each one sharing their tips on exporting. This includes the Managing Directors of UK and international businesses sharing their export journey in a series of candid interviews.
Speaking about the launch of The Export Hub, Moylan said: “This project has been 12 months in the making. I wanted The Export Hub to be fresh and different to anything currently available, with the emphasis on providing practical information and tips with access to further services if required. Access to The Hub had to be simple and unambiguous so there’s no charge for accessing the site, no requirement to provide email address details and no fees. A person can visit The Export Hub as often as they want. Every week they’ll discover new articles, new tips and new interviews, contributed by people passionate about exporting and incredibly knowledgeable in their field. This includes fellow BExA members who want to share their knowledge to benefit other businesses.”
Regular contributors to the site include the international bestselling business author and CIM Fellow Dee Blick, global insurer Atradius, global export compliance brand SGS and The British Franchise Association. Entrepreneurs from overseas will share the dos and don’ts of exporting to their country, starting with South Korea in what makes for a truly fascinating article, alongside the founder of the global success story K-Seal and the Netherlands-based brand JLM Lubricants – another success story with exports in over 40 countries and rising.
“Companies can also access our unique Export De-Risk Model at no charge and actually work with us, again at no charge, to determine how their export score can increase to a level that would attract funding and significantly reduce risk,” said Moylan.
“It’s estimated that 90% of future growth will be transacted with emerging and challenging markets. UK exporters must ensure they are best placed to take advantage of this growth. There has never been a better time to export, especially in the post-Brexit era where the favourable exchange rates are stimulating overseas demand. Our goal is that The Export Hub will help companies realise their exporting ambitions and I am excited to see how we can work with BExA and fellow members to achieve this,” concluded Moylan.
BExA is calling for nominations to its Lifetime Achievement Award, which seeks to honour and recognise individuals who have made significant contributions to UK exports and the export community over the course of their career.
“The successful candidate will have provided exceptional, excellent and meritorious service to UK exporting,” says BExA Co-Chair Geoffrey de Mowbray. “We urge companies from across the UK to get involved and nominate those exporters – past and present – who have made a real difference.”
The award has been introduced to mark the centenary of UK Export Finance (UKEF), the UK’s export credit agency, which was established by the UK government in 1919 to revitalise British exports following the First World War.
Rt Hon. Dr Liam Fox MP, Secretary of State for International Trade and President of the Board of Trade, says: “The BExA Lifetime Achievement Award recognises the vital role UK exporters play in growing the economy, fuelling prosperity, growth, and employment all over the UK. I am proud that UK Export Finance is supporting this award, marking its 100th anniversary and the UK’s continued global success.”
Nominations are now open and close on 2 September 2019. Download the nomination form here.
- Nominees must be, or have been, employed in the export department of a manufacturing or trading company registered in the UK.
- Nominees should be in the latter part of their career (either active or retired this year).
- Nominees need not be BExA members.
- The winner is to be selected by a BExA-UKEF judging panel taking account of a written submission.
- The award will be presented to the winner at the BExA Annual Lunch being held at the Mansion House on 8 October.
BExA members Sean Ramsden – CEO of Ramsden International, and Mark Abrams – Head of Trade Finance at Trade Finance Global, have been appointed as representatives on the Strategic Trade Advisory Group (STAG) which was established by UK Government earlier this month. The principal purpose of STAG is for the government to engage with stakeholders, helping to shape future trade policy and realise opportunities across all nations and regions of the UK through high level strategic discussion. The group is chaired by George Hollingbery, Minister for Trade Policy at the Department for International Trade (DIT).
BExA is delighted to announce that 4 of its members have been recognised and commended for their contribution to the trade sector at the 2019 International Trade Finance Awards by Trade Finance Global.
BExA Member Awardees include:
● Best Trade Financier – Commerzbank AG
● Best Invoice Financier – Bibby Financial Services
● Best Business Finance Provider in Europe – Citi
● Best Trade Finance Law Firm – Sullivan & Worcester
Given the challenging geopolitical and macroeconomic landscape, award winners were commended for their progress in supporting trade, embracing innovation and automation, as well as helping to navigate the complex macroeconomic landscape.
Studies consistently show large global market gaps for trade finance in the range of USD1.6 trillion per year, with SMEs and developing economies most adversely impacted.
According to TFG, the three major themes in the last year were: supporting fintechs and platforms to help drive efficiencies in forfaiting and trade finance, standardisation and cooperation between banks, and navigating the complex geopolitical landscape to continue supporting businesses.
BExA members comment on their wins:
Enno-Burghard Weitzel, Managing Director/Global Head of Product Management Trade at Commerzbank AG and winner of ‘Best Trade Financier’ says: “To make trade finance a more efficient business, we must look to decrease the time, and indeed the costs, involved in this process. It isn’t only about efficiency, however; transparency across the transaction chain can also improve thanks to digitalisation. A clear challenge in this respect is the lack of standardisation.”
Paul Fraser, Sales Director – Specialist Products at Bibby Financial Services says: “We’re absolutely delighted to be awarded as Best Invoice Financier Award at the International Trade Finance Awards. As a global business supporting more than 10,000 businesses worldwide, this award is a testament to the hard work and commitment of our teams across the world, and our expertise in supporting SMEs trading internationally.”
Geoffrey Wynne, Partner at Sullivan & Worcester’s London office, and winner of ‘Best Trade Finance Law Firm’, says: “Even with political turmoil and other risks there will still be trade finance transactions. Many will go back to old structures and will need good legal expertise and knowledge to deliver those transactions. Sullivan & Worcester is well placed to do this as it is a specialised firm with quality lawyers.”
BExA’s co-chairs Marcus Dolman and Geoff de Mowbray congratulate the winners on their achievements and significant contributions to UK trade.
For more information on the Awards and interviews with the winners, please visit https://www.tradefinanceglobal.com/services/international-trade-finance-awards-2019/.
BExA member Coltraco Ultrasonics, an innovative Somerset-based ultrasonic technology manufacturer for the maritime and naval sectors, has secured a new contract with the Indian Navy, thanks to support from the Department for International Trade (DIT).
The contract will see the British business supply almost 200 of its advanced watertight integrity inspection product Portascanner® WATERTIGHT, to the Indian Navy to protect its sailors by ensuring the hatches, doors and cable transits on its 155 warships are watertight. The contract will service one of the largest navies in the world, employing more than 67,000 personnel.
The business’s Technical Office in Somerset, which opened in 2011, will be key to providing support to the maritime force through its final product testing and logistics.
The deal follows a determined effort by the business to bolster its presence in India, by exhibiting at various trade shows in the country. Coltraco was supported by DIT’s Tradeshow Access Programme (TAP), which is part of the Exporting is GREAT campaign. TAP provides grant funding to help businesses gain essential market knowledge and make new contacts by exhibiting at trade shows around the world.
Coltraco has provided a similar service to the Royal Navy in the UK for over 20 years and works with customers in 109 countries including Singapore, China and the US. Asia accounts for 40% of the company’s exports, while North America, the Middle East and Europe account for 17%, 10% and 15%, respectively, with the balance to South America and Africa.
Carl Hunter, Chief Executive of Coltraco Ultrasonics, said: “We presented our Portascanner® WATERTIGHT to the Indian Navy who carried out extensive trials with competitors. The Indian Navy selected our product for its accuracy – it’s the most mathematically accurate model available worldwide – its ease-of-use, and the local in-country support. We secured the Indian Navy contract with thanks also to our Indian Naval Partners.
“Working in international markets like India presents opportunities and challenges. With our 30-year export experience, we are well accustomed to managing and succeeding abroad, and one contributing factor is the support from UK Government, especially DIT. For example, we started exporting many years ago with the help of the Market Research Reports provided by DIT (formerly UKTI) – today called OMIS reports. We have also attended workshops e.g. an Overseas Agent Masterclass that advises on global network development.
“My advice to any company considering exporting is to do it. Exporting has had a huge impact on our business, and if we can, so can other British businesses.”
Paul Shand, DIT head of South West, said: “There is huge global demand internationally for specialist technology like that designed by Coltraco Ultrasonics, which is clear from the fact that almost 90% of their sales come from overseas.
“DIT has a dedicated team of International Trade Advisers located across the South West to help businesses across a wide range of sectors, succeed on the global stage.”
The deal follows the launch of DIT’s export strategy earlier this year that sets out how the government will support businesses of all sizes to make the most of the opportunities presented by markets across the world.
A government-led collaboration with business, developed after extensive engagement with a range of UK firms, the Strategy sets a new ambition from government to increase exports as a proportion of UK GDP to 35%.
In August, HMRC launched the first release of its new Customs Declaration Service (CDS), which is replacing the 25 year old Customs Handing of Import and Export Freight (CHIEF) system.
CDS is a modern and flexible system that will allow importers and exporters who trade outside of the EU to include more items with each declaration, potentially reducing how many declarations they need to make. For the first time, your Government Gateway account will include a record of all of your businesses’ imports and exports.
CDS is being introduced gradually and the timing of your move over to it will depend on when your business, or your software developer or agent, are ready. Developers should already be working with HMRC to update their software applications and, if they haven’t already, will contact you soon to explain if there’s anything else you need to do.
For most importers and exporters this will include confirming your company’s Government Gateway account details, registering for the CDS service through it and authorise their software application.
If your business trades outside of the EU, you should use this time to familiarise yourself with changes to the tariff which has been updated to meet the requirements of the Union Customs Code. Guidance explaining the new changes to the tariff can be found on GOV.UK
The British Exporters Association is working with HMRC to provide relevant information to businesses but encourages you to visit www.gov.uk/customsdeclarationservice regularly for the latest updates.
Following the recent launch of BExA’s 9th Annual UK Export Finance benchmarking paper, member Aon has published an article entitled ‘Government urged not to restrict lending to exporters’. Full details can be viewed here.
For full details of the event and survey results please click here.
The finalists of this year’s Award have been recognised at the BExA Annual Lunch which was held at Mansion House on 10th October.
The Winner of the Award was announced as Jonathon Moyce, owner and Director of Loving Pets UK Ltd. Jonathon brought together all the key elements that the judges were looking for in a winner: he started his own business, has designed products, and has grown his business exponentially since he founded it in 2014 – always with a clear focus on exports. The company currently exports to 11 countries and stocks with multinational vendors. Clearly happy to roll up his sleeves to do whatever it takes to make the business a success, Jonathon is a true export entrepreneur.
The Runner-up of the Award this year was Alessia Borrini, a Bid Manager at NMS Infrastructure Ltd, a managing EPC developer specialising in fully-funded infrastructure projects in Sub-Saharan Africa. Alessia’s role at NMS was initially focussed on supporting bid development in Francophone Africa, but having quickly developed a deep understanding of what is needed to win business abroad, the company now credits her with making a significant contribution to the winning of major contracts. With her remarkable insight and energy, Alessia has all the determination and potential to become a positive force for export.
The other finalists were:
George Hunter, Director of Sales at Coltraco Ultrasonics Ltd, a company which designs and manufactures safety instrumentation and monitoring systems across a range of markets including marine and power generation. Trading across borders is clearly in George’s blood and the passion and energy he demonstrated towards his work is the essence of a truly pioneering exporter.
Tom Wrigley, Vice President Business Development at Winch Energy, a global off-grid energy developer and technology integrator. Tom’s knowledge of Export Finance and enthusiasm for the political motivators that drive the business has meant that he has been front and centre of business development for some really vital projects in Africa.
Geoff de Mowbray, Co-Chairmen of BExA and one of the Award judges commented “Having met with these remarkable young people – all of whom are winners in their own right – I’m pleased to report that the spirit of UK exports is well and truly alive!”
L-R: Alderman Sir David Wootton, Jonathon Moyce, Marcus Dolman, Geoff de Mowbray, Alessia Borrini and Baroness Symons.