Europe and North America are the recipients for the vast majority of Britain’s exports. While many countries in these regions appear to be turning a corner, demand from consumers and businesses isn’t expected to grow by vast amounts, so it could be worth considering whether your product would sell best in some farther flung markets.
A recent RBS report suggested that Britain’s businesses were failing to take advantage of export markets in growing economies around the world. The report identified a number of markets which could be ripe for UK exporters but make up a small share of our international trade.
Here’s a run down of five markets where UK exporters could thrive.
Though disputably a part of China, Taiwan is effectively ruled as its own nation, with a more open economy and western-orientated populace than the mainland.
It has a developed economy with efficient transport and communications infrastructure, making it an easy place to do business.
Though its economy is not growing as fast as many countries in the developing world, there is a variety of opportunities for British businesses to export.
Taiwan has a growing demand for premium consumer goods, from quality clothing to artisan food and drinks.
A thriving and increasingly open financial services sector provides worthwhile opportunities for fintech companies. There are also key opportunities in the construction, infrastructure and creative industries fields.