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Here’s how much countries are ready to pay for “Made in UK” products

The bank surveyed over 10,000 people across the US, Ireland, France, Netherlands, Germany, South Africa, UAE, India, China, South Korea

UK countries

Here’s how much countries are ready to pay for “Made in UK” products. Source: pixabay.com

According to Barclays, British exporters can benefit from price premiums of up to £3.5 billion per year in ten key countries.

Barclays asked respondents how much extra they’d be willing to pay if products such as food and drink, clothing, and cars bore a Union Jack kite mark. The results show that products made in the UK are still held in high regard around the world and that consumers are willing to pay a premium for them.

The research found that India leads the way, being prepared to pay an 11.8% gross premium for products made here, followed by the UAE (10.9%), the USA (10.4%), South Africa (9.6%), and China (8.8%).

Meanwhile, 66% of consumers in China and India said they’d be inclined to pay more for goods displaying the British flag because they believe them to be of a higher quality.

The picture is enhanced when looking at consumers who say they’ve already paid more for British products with China leading the rankings here at 63%, followed by India (60%) and the UAE (56%).

Additionally, when respondents were asked if are buying more British goods than they did five years ago, 69% of consumers in India, 64% in China, and 64% in the UAE said they are increasingly buying British.

Besides, in a boost to the UK’s automotive sector, 15% of the respondents described it as ‘the best in the world’ and, on average, said they’d pay a 10.2% premium for British-made cars.

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. Most notably, it shows there is significant opportunity for growth in markets such as China, India and the UAE, which is timely when new trade routes are being opened up to markets further afield. While the EU and the US remain the biggest trading partners for the UK, there are considerable opportunities for British businesses to grow exports to less traditional markets
James Binns, Global Head of Trade and Working apital at Barclays Corporate Banking

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