The Brexit Crisis has been at the forefront of British news since the Referendum in June 2016. Although Brexit clearly presents a multitude of risks for food and drink brands, (Currency fluctuations, supply issues, potential new tariffs or WTO trading terms with the EU) it does also present opportunity.
The Chinese word for `Crisis` Wei Ji (危机) being made up of the character for Danger `Wei` and character for opportunry `Ji` represents this well.
Uncertainty around our future with the European Union is pushing more and more businesses to look at opportunities in other markets, and as the largest grocery market in the World, China is never far from the top of the list.
The UK is currently in a `golden era` with China, and many businesses are excited about the potential of a Free Trade Agreement (FTA) between the UK and China, in conjunction with a potentially weaker pound and a growing demand for quality British goods from a growing Chinese middle class. These conditions would give British brands a fantastic edge in the market, there may have never been a better time to consider China as a priority export marker for Food and Drink suppliers.
Although China could be the holy grail of export, brands avoid getting started in China because of a number of reasons, get ready for our next blog post – ‘The Top 10 reasons why brands don’t consider China’ and see exactly how these can be addressed.