The food and beverage exports from UK touched a new record of £11.5 Billion in 2007, an upshot of 9.1% over 2006, fuelled mainly by rising demand and the weakening pound.
Britain registered a new record in food exports during 2007. The total value of produced and processed food exports was pegged at £11.5 Billion (US$17.73 Billion), an increase of 9.1% over 2006, according to the UK government’s export agency, Food from Britain, as reported by Telegraph.
Food from Britain disclosed that Poland was the biggest importer of British food and imported £47 Million (US$72.45 Million) worth of Brit food, a 54.7% hike over the previous year. Scotch whisky remains the Britain’s single largest export product and it posted a 12.7% hike in exports and touched £2.8 Billion (US$4.31 Billion). Whisky exports to Singapore grew by stupendous 84% and to Germany by strong 62% in 2007, thus setting a new record. Also, cheese exports witnessed an 85% growth since 2000, and rose 4.4% in 2007.
Experts in the UK food industry believe that the primary driver of food exports during 2007 was the increasing demand for Twinings tea and Kent beer by the Polish consumers partly due to the return of thousands of Polish migrants who picked up the British tastes during their stay in the UK.
Revival of the UK food exports and a substantially high demand for quintessentially and quirky British brands in foreign markets also increased the export. The marketing methodologies employed by the British food and beverage companies in other countries are paying also off really well.
Also, the weakening of pound is also helping the UK food and beverage export industry. The export companies buy the British food products at relatively lower prices and sell them at higher prices in foreign markets, which gives boost to the export revenue. The experts at Food from Britain also predicted that the weakening pound will drive the food exports to £12.5 Billion in 2008.
According to a Senior Research Analyst at RNCOS, “The UK food exports have witnessed a boom on account of their distinct taste and rapidly growing popularity. At the same time, the smaller companies in UK’s food manufacturing industry have come to realize that they have to find new foreign markets in order to save themselves from being taken over by larger rivals, thus fueling the overall revenue generation.”
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