In 2019, the United Kingdom exported £698.7 billion of goods and services to overseas countries. Government’s export strategy sets out how it will support businesses to make the most of opportunities presented by markets around the world and sets a new national ambition to raise exports as a proportion of GDP from 30% to 35%. The UK is the 6th largest exporter in the world, behind China, the United States, Germany, Japan and France.
The Department for International Trade (DIT), established in 2016, has primary responsibility for delivering the UK’s independent trade policy, including creating new trading opportunities. DIT works closely with UK Export Finance (UKEF) – the UK’s official export credit agency. UKEF aims to help UK companies to win export contracts by providing attractive financing terms to their overseas buyers, by offering working capital loans, and by providing insurance against buyer default.
This report will assess DIT and UKEF’s progress to date and performance against their overall export support objectives. It will examine:
- whether DIT and UKEF have set a strategic direction and are clear about what they want to achieve;
- whether DIT and UKEF have resourced and prioritised the activities that will have the greatest impact on export growth; and
- whether there is good performance information to demonstrate that DIT and UKEF are achieving desired outcomes and making a difference.