Dear Subscriber
Welcome to the Wade Trade News import-export bulletin for July 2009. The aim of our free monthly bulletin is to bring you some carefully selected leads and news you can use in these tricky economic times. This month we have good news if you want to trade with South Korea or Vietnam, sources of help for UK-based exporters, and info. about getting started trading frozen food. It's well worth taking a few minutes to read this bulletin .... you could find something that will help you make money!
South Korean Economy Expected To Recover Fastest
South Korea is expected to enjoy the fastest recovery among the world's major economies as output and foreign liquidity expand, according to a recent report. The Organisation for Economic Cooperation and Development or OECD says that South Korea achieved the highest growth in its Composite Leading Indicator (CLI) index among the 30 OECD member nations - with an increase of 1.6 points to 94.5 in the last month.
The CLI is an indicator that measures industrial output, housing and financial market conditions, and the gross domestic product to forecast the economy six months ahead. The average CLI for the OECD members was 92, down 0.7 points from a month earlier, while only seven other economies - France, Mexico, Australia, New Zealand, Finland, Poland and Turkey - managed a rise in their CLI.
The Ministry Of Foreign Affairs and Trade is the official contact point if you want to trade with South Korea. Their site is here:
www.mofat.go.kr (English version available.)
Vietnam Hopes For 7%-8% Growth
Vietnamese Prime Minister Nguyen Tan Dung has recently announced that Vietnam will set a target for economic growth of 7% to 8% each year under its national development plan between 2011 and 2015. Under the plan the overall target is to develop an economy with a fast and sustainable growth rate, enhancing the developmental potential of the country. Other targets are to enhance the country's competitiveness, integrate it internationally, restructure the economy and further industrialisation and modernisation. Vietnam's economy grew by 6.2% in 2008 but this slowed to 3.1% in the first quarter of 2009, with similar slow levels of growth projected for the rest of this year.
New Scheme To Help London Export More
The Mayor of London, Boris Johnson, has recently announced plans to help more London businesses to market their goods and services around the world and take advantage of the weak pound. The plans, which are expected to help an additional 2,500 businesses over the next three years, are outlined in London's first ever joint Export Promotion Programme.
The programme is designed to help London's small and medium sized companies and entrepreneurs take the plunge into international markets, help those already successfully trading overseas to increase their business exports, as well as exploring new international markets and promote areas of excellence in London's economy so that they become undisputed world-leading sectors. In the five years between 2002 and 2007 London's total exports of goods and services rose from £38 billion to £59 billion, but it is felt that the city's export potential is not being maximised especially with the strongly growing economies of India and China. The key reasons identified are the lack of information and advice, access to markets and motivation.
Could The ECGD Help You ?The Export Credits Guarantee Department or ECGD is the UK's official export credit agency. Their aim is to help UK exporters of capital equipment and project-related goods and services win business and complete overseas contracts with confidence. The ECGD offers: Insurance to UK exporters against non-payment by their overseas buyers. Guarantees for bank loans to facilitate the provision of finance to buyers of goods and services from UK companies. Political risk insurance to UK investors in overseas markets. ECGD works closely with exporters, project sponsors, banks and buyers to put together the right package for each contract. With almost 90 years experience in new and developing markets across the world, their knowledge can help you in tricky times for world trade. To find out more and see if they could help your international trading business take a look at their website at:
www.ecgd.gov.uk.
Why Not Trade Frozen Food ?
Frozen food can offer a good opportunity for trading in a recession. Frozen foods are becoming increasingly popular with consumers on stretched budgets, due to their economical pricing and avoidance of waste. The latest figures from TNS Worldpanel show that the retail sector in these products is growing by 6.7% year on year - with some product lines growing even faster. Frozen savoury food, which includes cooked poultry, processed poultry, savoury bakery and others is now growing at 10.3% year on year in value terms. The frozen vegetable market has increased its growth rate to 10.1% year on year, a huge acceleration from just under 2% 18 months ago. The frozen fish market is worth just under £700 million and has grown from under £600 million in only 18 months.
If you'd like to explore the opportunities for trading frozen food then the British Frozen Food Federation website will be of interest to you. The website gives lots of useful links and information about the frozen food market, plus details of how BFFF can help traders. Take a look:
www.bfff.co.uk.
More Useful Links
That's all for this month .... we'll be back to you in August with more helpful news and tips. Meanwhile, if you need more help or information on the products Wade World Trade has for you, including our seminars and courses, just visit our site at
www.wadetrade.com. Look forward to seeing you there!
Until next month,
Mark Hempshell
Editor