Doing Business in the USA

29th March 2023

In the 4 quarters to end Q3 2022, the total trade in goods and services between the UK and USA was £262.7 billion. This is increasing by comparison to trade up to the same period 2021, whereby we saw an increase of 21.9% or £47.1 billion.

To breakdown these figures, the total UK exports (Goods & services) over the same period amounted to £161.5 billion showing an increase of 20.6% or £27.6 billion over the same period 2021.

Total UK imports (goods & services) from the USA was £101.2 billion with an increase of 23.9% or £19.5 billion.

The US is ranked at the UK’s number 1 trading partners for bilateral trade and yet the UK’s total market share for goods in the USA amounted to only 2.3%!

Source: UK Trade and Investment.

The illustration below shows the significantly improving relationship with the US since 2000 (up to 2017)

Source:  The ONS

By comparison to the values of significant trading partners with the rest of the world  (2016)

Source: The ONS

The above statistics reveal just how crucial and important a good political and trading relationship is for the UK. Imagine how dramatically these graphs would change, in both US and UK’s favour not if, but when a free trade agreement is finally signed between the 2 markets.

My latest political sources gave me an update of progress earlier this week. The negotiating process is still moving forward, slowly, but nevertheless moving forward and though an agreement is possible this year, it is unlikely.

However, with or without an FTA, the potential and possibilities for UK SMEs to expand their business within the USA is fantastic. As in many other global markets, UK origin products are considered to be amongst the highest quality of any manufacturing nation as it our advanced manufacturing and technology.

In short UK products are in demand.

Start thinking about the USA NOW as a credible business expansion market, a foot in the USA door in 2023 has the potential and yes, likelihood to expand significantly when that FTA is signed.

But HOW!

The USA is a huge market made up of 50 states. Each state can have its own state legal and commercial system so UK SME’s looking at this market will need understand the what and where to target their products. That is where we come in.

DOING BUSINESS IN THE USA. 

This is a free of charge event from 3.00 to 4.30 pm on Tuesday 4th April at the AMP Technology Centre, Brunel Way, Rotherham, S60 5WG

The Sheffield International Trade Centre has partnered with Blue-Link Worldwide Inc. and on Tuesday 4th April. Mr Frank Levene will be in Sheffield at the AMP Technology Centre to talk about the amazing opportunities that exist in the USA for UK SME’s.

We will be linking up real time with partners and specialists from 2 key states covering all the main issues any international business development manager must know as part of the market development process.

The USA is the UK’s largest bilateral trading partner.  Current negotiation to agree a free trade agreement is slow but progressing.  The likelihood is that an FTA could be signed in 2024 if not 2023.

UK SME’s who start a business development programme into the USA now will gain significantly as and when the UK/USA FTA is agreed and signed off.

This event is open to all, for more information and to register for this event, please go to: https://www.scci.org.uk/events/doing-business-in-the-usa-april-2023/

Book Now

 

 

You might also be interested in

The Benefits of the UK Temporary Worker-Government Authorised Exchange Visa for Businesses and Internship Seekers

Mon 19th February 2024

Undertaking work experience or an internship has many advantages to both the applicant and employer. However, navigating which visa category is most suitable can be challenging.

Fragomen's International Internship Scheme – Temporary Worker Government Authorised Exchange

Wed 17th January 2024

Whether you are a business looking to employ an intern in the UK as part of your internship programme or are an individual looking to secure an internship in the UK, we can help you to achieve your goals.

Red Tape, Regulation & Costs Holding Back Exports

Mon 4th December 2023

A survey of almost 650 UK businesses by the BCC, has shown that customs checks, tariffs and regulation are the top three barriers to exporting.

South Korean Trade Negotiations Can Boost UK

Tue 21st November 2023

William Bain, BCC Head of Trade Policy reacts to news of plans for a fresh trade deal with South Korea