Last reviewed 13 January 2022
According to the Department for International Trade (DIT), Government-backed trade shows in South Korea have helped UK businesses raise tens of millions of pounds in the last 12 months.
UK-made products ranging from hydrogen fuel cells and offshore wind technology to lifejackets will be supplied to the South Korean market through deals estimated to be worth over £70 million, International Trade Secretary Anne-Marie Trevelyan has announced.
She confirmed that UK exports to South Korea increased by 9% (or £620 million) in the year to June 2021 compared to the same period the previous year and the UK exported £2 billion more than it imported from the Asian country.
DIT’s Pavilion showcase series — which provides stalls for UK companies to exhibit at overseas tradeshows — has enabled British firms to promote their products at South Korea’s largest events.
This year DIT hosted UK Pavilions at six international exhibitions in South Korea in 2021 including: International Electric Vehicle Expo, Hydrogen Mobility Show and World Smart City Expo in September, KORMARINE and DIFA (Daegu International Future Auto Expo) in October, and H2 World in November.
The Government also provided tailored export advice to improve firms’ understanding of the local market and to develop their network there.
This year it plans to review the Continuity Free Trade Agreement with South Korea which came into force on 1 January 2021. The deal has already helped businesses across a wide range of sectors — including tech and clean growth — enter the South Korean market and, with the growth in demand for British goods and services, DIT believes that there is scope to expand trade even further.