Trade Horizons’ Market Entry Blog

The UK Government has purchased a pavilion at 2023 SEMICON event in Taiwan and sponsored a delegation of 19 businesses to showcase the UK’s semiconductor capacity at the event. The businesses will showcase design, software and methods at SEMICON. The UK published its semiconductor strategy in May which committed £1 billion investment over the next decade in R&D, IP and chip design. Taiwan is the world’s top semiconductor manufacturing country. Taiwan Semiconductor Manufacturing Company makes microchips for Intel, Apple, AMD, Nvidia, and Qualcomm. South Korea is the second largest producing nation as it makes chips for Samsung. Taiwan is seeking a trade deal with Europe and Europe finds Taiwan useful as a partner to work with under the European Chips Act, however Taiwan is looking for a bilateral investment agreement which is not forthcoming.

India is chairing the G20 this year under the theme ‘One Earth, One Family, One Future.’ Trade and investment ministers met in Jaipur this week to discuss digitising trade, SME inclusion in international trade, and the reform of the World Trade Organization. Business and Trade Secretary Kemi Badenoch attended and launched ‘Alive with Opportunity,’ a £1.5 million marketing campaign designed to build on the UK and India’s relationship and as part of the goal to bilateral double trade with India by 2030. India has grown to the world’s fifth largest economy, from below tenth place a decade ago. The meeting was attended by 300 ministers and delegation representatives. Indian Prime Minister Modi proposed to include the African Union in the G20. The G20 countries represent around 85% of global trade in terms of value.

India is chairing the G20 this year under the theme ‘One Earth, One Family, One Future.’ Trade and investment ministers met in Jaipur this week to discuss digitising trade, SME inclusion in international trade, and the reform of the World Trade Organization. Business and Trade Secretary Kemi Badenoch attended and launched ‘Alive with Opportunity,’ a £1.5 million marketing campaign designed to build on the UK and India’s relationship and as part of the goal to bilateral double trade with India by 2030. India has grown to the world’s fifth largest economy, from below tenth place a decade ago. The meeting was attended by 300 ministers and delegation representatives. Indian Prime Minister Modi proposed to include the African Union in the G20. The G20 countries represent around 85% of global trade in terms of value.

India China trade is down almost 1% in the first half of 2023 with China’s overall foreign trade dropping 5% in the same period. Exports were down 12.4% to June 2023 compared with the same period in 2021. Trade in goods is down 56m with the US in the first 5 months of 2023 compared to the same period last year. The US is China’s largest trading partner. UK exports to China were up 37.7% in 2022 whilst imports were up only 10% in the same period. The EU’s imports from China were down in 2022 while exports remained flat.

India China trade is down almost 1% in the first half of 2023 with China’s overall foreign trade dropping 5% in the same period. Exports were down 12.4% to June 2023 compared with the same period in 2021. Trade in goods is down 56m with the US in the first 5 months of 2023 compared to the same period last year. The US is China’s largest trading partner. UK exports to China were up 37.7% in 2022 whilst imports were up only 10% in the same period. The EU’s imports from China were down in 2022 while exports remained flat.

India China trade is down almost 1% in the first half of 2023 with China’s overall foreign trade dropping 5% in the same period. Exports were down 12.4% to June 2023 compared with the same period in 2021. Trade in goods is down 56m with the US in the first 5 months of 2023 compared to the same period last year. The US is China’s largest trading partner. UK exports to China were up 37.7% in 2022 whilst imports were up only 10% in the same period. The EU’s imports from China were down in 2022 while exports remained flat.