Published on: 25 May 2023
Whilst Europe, followed by North America, remains UK leisure marine industry’s most important foreign markets, 11 percent of the industry’s exports go to Asia Pacific, with a value of around £132m (British Marine KPI report for year 2021-22).
Primarily due to market dynamics and geography, the combined average of leisure marine exports to Australia and New Zealand makes up just 1.5 percent share of UK marine exports and a 3 percent share of Australian/New Zealand imports. However, with the UK’s new trade agreements with Australia and New Zealand set to come into force on 31 May, trading opportunities are expected to increase as selling goods and services between the UK and those countries will become cheaper, easier and faster.
From 31 May UK businesses looking to trade with Australia & New Zealand will be aided by:
- The removal of almost all tariffs making it cheaper to buy and sell goods
- Flexible rules of origin
- Simpler customs clearance processes
- Better digital trade opportunities
- More investment opportunities to grow businesses
- More government procurement opportunities
The Government has published further information on trade and investment opportunities with Australia and New Zealand. This includes practical guidance on how businesses can use the new preferential trading terms, including how to prove their goods comply with rules of origin requirements and accessing simpler customs clearance processes.
Whilst the Australia / New Zealand boating market is small in comparison to Europe and North America, it is a mature and culturally familiar market. British Marine therefore hopes that with greater promotion of the market opportunities and support from the Department for Business and Trade to UK businesses wanting to access that market, trade will grow.