UK could see £3.5 billion boost from international demand for goods 'Made in Britain'

British exporters could benefit from price premiums as high as £3.5bn owing to the strength of the Made in Britain kitemark, research has shown.

In an international study carried out by Barclays of more than 10,000 people across 10 key markets regarding British products such as food and drink, clothing and cars, showed customers were willing to pay a premium.

The research included people in the United States of America, Republic of Ireland, France, Netherlands, Germany, South Africa, UAE, India China and South Korea and showed a willingness to part with extra cash for products produced in the UK.

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There was a particularly high appetite amongst consumers in populous, far-flung markets such as India and the UAE, where people were willing to pay an 11.8 per cent and 10.0 per cent gross premium for products made in Britain.

Exports boom prediction.Exports boom prediction.
Exports boom prediction.

These nations were followed by the USA where consumers were willing to pay 10.4 per cent and South Africa at 9.6 per cent.

Chinese consumers said they would pay 8.8 per cent.

Additionally, two thirds of consumers in China and India said they’d be inclined to pay more for goods displaying the Union Jack because they believe them to be of a higher quality.

James Binns, global head of trade and working capital at Barclays Corporate Banking, said: “As the UK enters a new era on the international stage, our research highlights that there is strong appetite for British-made products all over the world.”

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While emerging markets provide an opportunity for growth, the UK’s more traditional trade partners will also continue to ‘back British’. Out of the £3.5bn of additional income identified for British exporters in the markets surveyed, £1.2bn would come from the United States, £543m from France and £538m from Germany.