OCTOBER 2023

Hello, As a registered user of the Lloyds Bank International Trade Portal, you continue to have free and unlimited access to a wide range of trade data and information to support your business at home and overseas. Talking trade In this edition of the Lloyds Bank International Trade Portal newsletter, we are focusing on change and transformation in trade - and what it will mean for your business. Whether you're looking to learn more about the impending wave of digitisation sparked by the new Electronic Trade Documents Act, better understand the UK's new international trading relationships, or book upcoming trade shows in your diary, Lloyds Bank is here to support your business as you fulfil your importing or exporting ambitions. Find out more by browsing our collection of news and valuable insights: New report: The changing face of UK trade The way the UK trades internationally is evolving. In the context of geopolitical and macroeconomic change, pivots in terms of trading relationships and radical digital transformation, the UK is undergoing a significant evolution in both where and how it trades around the world. So how can firms embrace this change and maximise their potential? Read more in the latest edition of our Lloyds Bank Trade Insights report   UK Law Change: Electronic documents, efficient trade The Electronic Trade Documents Act came into force on 20 th September 2023 and makes digital documentation legally recognised on equal legal footing with paper documents. As a result, it has begun to pave the way to leaving paper-based trade in the past. Not only is digital trade estimated to provide a £1.14 billion boost to UK businesses over a 10-year period, but it is also intended to reduce bureaucracy - making efficiency savings worth £224 billion and increasing the capacity for innovation within companies as a result. The benefits are not just economic, however. In any given year it is estimated that more than 28 billion pieces of paper are exchanged in the course of trade transactions, leading to a considerable environmental burden. By digitising said documents, it is expected that carbon emissions can be slashed by at least ten percent. Furthermore, the fact that digital documents can reduce the risk of loss, fraud and error while increasing visibility and security means that they are set to play a key role in the future of trade. The Electronic Trade Documents Act represents a significant opportunity for businesses in the UK and Lloyds Bank are driving change through new digital initiatives in the field of trade. To find out more, you can read our article on how to prepare for the implementation of digital trade, or contact our team. Exploring opportunities overseas The ever-increasing number of opportunities ready to be seized overseas mean that UK companies are better able to expand and flourish when they export, reaching more buyers. The business benefits of exporting are clear, with many companies acknowledging that exporting has not only caused a surge in profits, but has also driven innovation and digital transformation, enabled them to increase their headcount and prompted them to expand their product range. With this in mind, how can businesses either prepare to begin their export journey, or look at new markets if they already export? Read more in our Lloyds Bank Trade Insights report   Did you know that ITP can also help you with... Market Reports The ITP allows you to search for 25,000 free market research reports by industry organisations and countries around the world. As an example, below is a selection of UK market reports relating to the Agricultural sector - however you can find more reports relating to your sector of interest on our website: -   UK crop output prospects -   Analysis of wheat availability and demand in the UK -   UK Agricultural Sector Report Find out more about Market Reports Dates for Your Diary The ITP allows you to find upcoming trade show events, helping you to make connections with buyers and sellers across the globe, creating new overseas export opportunities for your business. 24th Oct. 2023 - Welsh Dairy Show A one-day event showcasing trade stands and dairy animals from across Wales and the borders. 31st Oct. 2023 - Law Show Manchester National exhibition and conference of legal services and supplies. 15th- 16th Nov. 2023 - London Building Expo The leading Building and Construction Show for London. BUSINESS TESTIMONIAL Beyond the Bean, a Bristol-based family company, used the International Trade Portal to seek new markets to grow internationally. Beyond the Bean, a Bristol-based family company, create and source innovative ingredients such as syrups, hot chocolate, and frappes - as well as blenders and barista gear, used the Lloyds Bank International Trade Portal to seek new markets to grow internationally. The business wanted to find new products for their market to help boost their presence internationally and export to more markets around the world, ultimately growing their business as a result. Key to this was using the expansive data and insights provided by Lloyds Bank International Trade Portal to decide where it would be best for the business to target new markets. They have seen the Lloyds Bank International Trade Portal as:   An essential tool for exploring export markets which is easy to use and saves the business time finding priority markets to export to.   A key tool for conducting due diligence for targeting new international markets.   An effective way of researching their product ranges by using their Harmonised System (HS) codes to calculate import tariffs, which enables them to check if there are any preferential tariff arrangements in place that will make them cost effective in market. For further information, please contact us here The information on the International Trade Portal is provided for general guidance only, and should not be relied upon as specific advice. Security Information Please note that Lloyds Bank NEVER send emails that ask for confidential or security information. Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278. Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.