Department for International Trade announces "Space Exports" campaign
2 min read
20 July 2018
The Department for International Trade has launched its first ever space exports campaign with a focus on the US and Indian markets.
Days after announcing funding for the creation of spaceports in Scotland and Cornwall to deliver satellites into space from British soil, the Government now wants UK firms to share their knowledge worldwide.
The “Space Exports” campaign will spearhead trade missions to the US and India and build on a booming UK market which is building 40% of the entire globe’s small satellites.
Indeed, the Government said the sector is growing 15 times faster than the rest of the UK economy with exports growing to £5 billion in 2014/15.
“Our space industry is thriving as years of strong growth has seen the UK secure its reputation as a leading space nation,” said International Trade Secretary, Dr Liam Fox.
“To sustain this, we need to be reaching new markets with huge potential like India and the USA.
“As an international economic department, we’ll achieve this through our new space exports programme, which will help meet the ambition of both government and industry to see space exports reach £40 billion by 2030.”
That will be 10% of the forecast global market by that time.
Dr Jaime Reed Industry Co-Chair of the Space Growth Partnership’s Space Exports Group added: “Industry and DIT have been working closely to build a solid evidence base demonstrating the potential for significant new UK business in major global markets. It’s fantastic to see the government committing to growth through these new announcements.
“The government is engaging with the sector to determine how best to create a sector deal with them that drives forward the modern Industrial Strategy.
“Low cost access to space is an important part of this, and there have been significant steps taken this week to enable small satellite launch from UK soil for the first time.”