{"id":3236,"date":"2019-05-16T10:53:16","date_gmt":"2019-05-16T10:53:16","guid":{"rendered":"https:\/\/cbbcfocus.com\/?p=3236"},"modified":"2020-05-16T11:02:23","modified_gmt":"2020-05-16T11:02:23","slug":"jane-galvin-of-hsbc","status":"publish","type":"post","link":"https:\/\/focus.cbbc.org\/jane-galvin-of-hsbc\/","title":{"rendered":"Jane Galvin of HSBC explains why the export market is booming"},"content":{"rendered":"

As a target for British exports, Chinese markets are only going to get more appealing, writes Jane Galvin<\/strong>, Head of Corporate Banking at HSBC UK<\/h2>\n


\n<\/strong>Businesses in the UK are nimble, entrepreneurial and well-informed and, while there remains uncertainty around Brexit at home, many are finding growth by taking opportunities to export their products and expertise overseas.<\/p>\n

Last year, British business exported \u00a3629.4 billion worth of goods and services, proving that the power of \u2018Brand Britain\u2019 remains strong on the world stage. However, there\u2019s still more to do to make sure small businesses are maximizing their returns from growth markets \u2013 and nowhere is this more true than in China.<\/p>\n

HSBC\u2019s \u201cMade for China\u201d report found only 27 percent of UK businesses currently selling to China view it as a top three future market, versus 46 percent globally. Additionally, only a minority (10 percent) of those that are considering selling to China see it as among their top three export markets in the next three to five years, compared to 15 percent globally.<\/p>\n

Consumer tastes change quickly in China. As an example, eight years ago the country imported only about 30 tons of avocados, with the Central American fruit an exotic ingredient rarely appearing on Chinese dining tables. In 2017 China bought 32,200 tons of the fruit from Chile, Mexico and Peru \u2013 enough to make 200 million servings of avocado on toast.<\/p>\n

Much has been said in recent years about the opulence of China\u2019s new rich. China is becoming more sophisticated and inclusive as wealth spreads from urban centres to rural heartlands, bolstered by a better-educated new generation who is both web-savvy and worldly-wise.<\/p>\n

HSBC\u2019s Made for China report found only 27 percent of UK businesses currently selling to China view it as a top three future market, versus 46 percent globally.<\/p><\/blockquote>\n

There\u2019s little doubt about the importance of China as a target market for UK businesses. According to official estimates, the country is set to import US$8 trillion worth of goods in the five years from 2018 to 2022. That\u2019s an average of US$1.6 trillion a year \u2013 more than half the GDP of the UK in 2017.<\/p>\n

HSBC\u2019s annual Navigator report predicts that the value of China\u2019s goods imports will grow at about 8 percent a year on average between 2017 and 2030, reflecting both a demand for intermediate goods for processing, and for final goods that satisfy the demands of China\u2019s increasingly wealthy population.<\/p>\n

All this is happening as China bids farewell to growth based on exports and state-led investments and increasingly encourages its 1.4 billion people to consume. Slowly but surely, the old model of \u201cMade in China\u201d goods heading to markets around the world is shifting to one where China is itself becoming a destination for products made elsewhere.<\/p>\n

\"\"

China International Import Expo exhibits products marketing to the vast Chinese market<\/p><\/div>\n

A perfect example of this rebalancing was the China International Import Expo in Shanghai. In the past, China-based trade fairs were all about what Chinese companies could sell to the world. This event, by contrast, was about foreign companies selling into China. For six days in November, several hundred thousand square metres of floor space was dedicated to international sellers, showcasing everything from food and medicines to consumer electronics and cars.<\/p>\n

Last year British businesses exported \u00a3629.4 billion worth of goods and services but there\u2019s still more to do to<\/p><\/blockquote>\n

To be sure, selling into a vast, complex and rapidly-evolving market like China is not without challenges. As the economy matures, incomes aren\u2019t rising as fast as they once did. And today\u2019s trade tensions naturally affect business and consumer confidence.<\/p>\n

What\u2019s more, foreign companies need to be able to react to constantly-shifting tastes and head-spinningly rapid developments in e-commerce and digital payment tools. And they need to brace for intensifying competition from nimble and increasingly high-tech local companies. UK businesses need support, connections and the right financing to help them either make the first step into trading overseas, or expand their already existing cross border presence<\/p>\n

But none of this should obscure the enormous long-term potential that the Chinese population of 1.4 billion represents for UK businesses. From the millennial brunching in a Shanghai cafe to the parent purchasing diapers in a Hunan village, China\u2019s consumers are becoming ever more affluent and discerning. Now, more than ever, they represent an essential market for businesses everywhere.<\/p>\n

Jane Galvin is Head of Corporate Banking, HSBC UK, and Chairman of CBI East of England. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As a target for British exports, Chinese markets are only going to get more appealing, writes Jane Galvin, Head of Corporate Banking at HSBC UK Businesses in the UK are nimble, entrepreneurial and well-informed and, while there remains uncertainty around Brexit at home, many are finding growth by taking opportunities to export their products and expertise overseas. Last year, British business exported \u00a3629.4 billion worth of goods and services, proving…<\/p>\n","protected":false},"author":4,"featured_media":3237,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[123,203],"tags":[398,399,137],"class_list":["post-3236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-consumer","category-retail","tag-export","tag-hsbc","tag-trade"],"yoast_head":"\nJane Galvin of HSBC explains why the export market is booming - Focus - China Britain Business Council<\/title>\n<meta name=\"description\" content=\"Chinese trade fairs were previously dominated by British importers. 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