An agreement between the UK and China has been reached to start trading British beef again for the first time since the BSE outbreak in 1996. This trade could be worth £230 million in the first five years alone; trading is set to commence at the end of the year. The deal was signed on the 17th June 2019 by Farming Minister Robert Goodwill and the Chinese Ambassador for the UK, Liu Xiaoming. Dr Liam Fox, the International Trade Secretary said this is a ‘welcome progress for the British Beef producers.’
China is the UK’s eighth largest export market for food and drink due to the Chinese middle class opting for a more western diet; making the food and drink market worth £610 million.
The pork export market is currently worth £70 million to the UK, this is also set to increase as the Chinese government have recently approved an additional five pig units that will contribute to the current export market.
The UK food and drink exports are soaring with around £22 billion worth was exported to 217 markets.