Blog: UK's trade deficit widens - maritime industry key to UK paying its way
With news that the UK’s trade deficit with the rest of the world widened in June, there is an even greater need to ensure the UK boosts exports to help pay its way in the world.
The maritime industry will help do this in two ways.
First, it is focussed on increasing exports from the industry to the rest of the world.
Maritime UK’s recently announced partnership with the Exporting Is GREAT initiative aims to significantly increase the number of UK businesses selling internationally by providing support throughout all stages of the exporting process, from identifying opportunities through to winning international contracts. The initiative is part of the international GREAT Britain campaign and is scheduled to run through 2020.
Through this initiative, Maritime UK will work in partnership with government to provide specialist exporting support to UK companies across the shipping, ports, marine and business services sectors, helping capitalise on the significant opportunities to export worldwide.
The UK’s maritime equipment designers and manufacturers are behind some of the world’s most advanced and ambitious global maritime projects, delivering cutting-edge products – from classic ship and boat mechanical systems to electronic, optical and IT equipment. Underpinned by a highly advanced product research base and innovative designers, UK companies supply the tools, plants and equipment for boat manufacturing and shipbuilding, plus the essential equipment needed for maintenance and repairs.
The UK’s maritime manufacturing sector exports to all of the world’s major markets for maritime products. From complex merchant and naval shipbuilding to ship’s chandlery and nanotechnology, the sector produces high-quality products used at every stage of the supply chain.
In addition to exporting its own products and services, the maritime industry is the engine and enabler of international trade. As other industries resolve to boost their own exports, the UK maritime industry stands ready to deliver British goods to the rest of the world.
The UK has a world-class maritime centre, uniquely placed to help the UK trade its way to prosperity. Shipping is an overwhelming success story for the UK and is renowned for its leadership across the world. UK ports are equipped with state-of-the-art modern facilities and equipment, and there are significant further investment plans. Their ambition will ensure that UK ports are equipped to handle the world’s largest vessels, now and well into the future. The UK is also the world leader in maritime business services, helping ensure the UK is a one-stop-shop for maritime.
The maritime industry is critical to ensuring the UK trades its way to prosperity, and is committed to playing its part.
For more information about the maritime industry, visit www.maritimeuk.org