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International trade visit | Prosperity Fund | Mcommerce rises

Dr Liam Fox makes his first international trade visit of 2018
This week International Trade Secretary, Dr Liam Fox, travelled to China for his first international visit of the new year to advance the UK’s trade and investment relationship. This second-stage visit to Beijing and Shenzhen saw Dr Fox meet with the Chinese Minister of Commerce, Zhong Shan, and the chairman of one of the world’s largest insurance companies, Ma Mingzhe from Ping An.
Dr Fox said: "As an international economic department, we want 2018 to be the year of exporting with businesses across the UK seizing the opportunities that the world provides."
China is the UK’s fifth largest trading partner with trade between the two countries worth £59.3 billion in 2016, a 9.4 per cent increase from the previous year.

Prosperity Fund annual report 2016/17
In 2016 the government announced the Prosperity Fund to remove barriers to economic growth in order to reduce poverty. The Fund also aims to improve the business climate and competitiveness of markets.
Mark Sedwill, National Security adviser, said: "Work is focused on countries with large numbers of people living in poverty, where there is potential for inclusive growth, and where there is a chance for the UK both to make a real difference and to create opportunities for businesses".
The Department of International Trade have released the first annual report to show how the Fund was established and share successful case studies.
Smartphone mcommerce purchases continue to rise
According to eMarketer, ecommerce purchases that were made on smartphones in 2017 rose to 49.7 per cent of all mcommerce sales, officially securing it as the most popular device over the tablet.
Overall ecommerce sales for 2017 are still being calculated but are expected to reach around £85 billion – over 19 per cent of total retail sales in the UK – and eMarketer have predicted that by 2021 over a quarter of all retail sales in the UK will be digital.
Bill Fisher, Senior Analyst at eMarketer, said: "Outside of China, the UK is the world’s most advanced retail ecommerce market in terms of proportional sales."

Thursday 04 January 2018

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