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On the 11th of May, 2023, we had the pleasure of attending the BExA Spring Reception at the Houses of Parliament in London.
It was fantastic to see such a turnout supporting British exporting, an area heavily affected by the UK's exit from the EU and the global pandemic. Although the most recent figures published by HMRC indicate that businesses are now up to speed with grappling with the new customs procedures currently in place, as exporting to the EU has increased significantly, surpassing the pre-pandemic figures from 2019.
UK exports of goods and services globally over time
Interestingly, goods and services still retain a similar make-up of all total UK exports as in previous years. We often think of exports as tangible, with someone somewhere in the UK packaging up a consignment and physically moving across the border via a ship or plane; however, as we can see from the above figures, that is only sometimes the case.
The export of services should be treated no differently to the export of goods when it comes to compliance. This was one of the topics of discussion between ourselves and another BExA member, particularly when it comes to payment terms, preparing contracts, checking payment conditions, and buyers' creditworthiness.
During the evening, we listened to Baroness Elizabeth Symons and BExA Chair Carl Stephen Patrick Hunter, reflecting on the above figures and how we can work together to build on this exporting community.
Due to significant technological advances, the market for exporting services is only set to grow, as will the need for compliance. At Strong and Herd, we don't just assist with customs formalities but are proud to have supported numerous BExA members in payment methods, Incoterms, handling Letters of Credit and VAT.
To find out more about our services and how we can support your export goals, please contact us.
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