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Increase in UK drinks exports report

todayDecember 11, 2023 3

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Increase in UK drinks exports – report

The value of UK drinks exports increased by more than £1 billion in the past year, new research suggests.

The total jumped from £8.3 billion in 2021/22 to £9.4 billion in the 12 months to July this year, said business advisers Hazlewoods.

Spirits are playing a key role in rising drinks exports, with continued demand for whisky from traditional markets in EU countries, including France, Germany, Spain and Poland, as well as India and Singapore, the report said.

Sales of other drinks, such as beer, to the EU have suffered because of Brexit-related red tape, the report added.

Rebecca Copping from Hazlewoods said: “British heritage brands have successfully placed themselves as a luxury in the international drinks market.

“A large chunk of this success is due to young, wealthy consumers purchasing quality drinks brands that signify status and success.

“Despite volatility in the economy and high interest rates around much of the globe, consumer spend on luxury goods has held up well, although sales growth of luxury goods is slowing.

“This post-Covid boom in luxury goods sales certainly had a hand in increasing UK drinks exports.

“Now the industry is focused on long-term growth, reaching bigger, untapped markets. The UK Government can support that by delivering trade agreements that lower barriers to expansion.”

A Department for Business and Trade spokeswoman said: “We can all raise a glass to the fantastic efforts of UK wine and spirit producers, with exports increasing to £9.4 billion in the 12 months to July 2023 demonstrating its competitiveness on the world stage.

“Through our partnerships with Wine GB and the Wine and Spirits Trade Association, we are helping to remove barriers and open new doors for UK businesses so drinkers around the world can enjoy the very best British wines and spirits.”

Published: by Radio NewsHub

Written by: admin

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