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With the Tokyo 2020 Olympics on the horizon, the success of UK trade with Japan ahead of the games is offering an important reminder on the export potential of worldwide sporting events.
Data revealed today by the Department for International Trade notes that the demand for British goods and services in Japan has grown by 32% in the past five years. UK sporting firms have found particular success, with the UK's annual export of sports equipment to Japan doubling in the past three years, now accounting for £4 million worth of trade.
Discussing the value of the Olympic games to UK trade, International Trade Secretary, Liz Truss, said "It’s great to see British businesses selling more of their great products to Japan. It is an important and lucrative market for the UK."
Andy Baird, CEO of RapidBlocs - a Cumbria based firm which has exported over 3000 white-water forming obstacles for the Tokyo games' official slalom course - explained that the games have been an important aspect of their trade plan: "We are proud of our Olympic legacy having supplied our product to London, Rio, Tokyo and Paris. The help we have received from the Department for International Trade has allowed us to secure new contracts overseas in key markets such as this."
It's worth being aware of the export potential of specific world sporting events, and considering seeing how such events could offer a platform for the products you are currently selling or planning to offer. The 2024 Summer Olympics are set to take place in Paris, France, whilst the 2028 Summer Olympics will take place in Los Angeles. The 2028 games could be particularly apt for UK exporters with prospective US-UK Trade Talks set to be underway this year.
TopEndSports.com maintains a useful list of upcoming worldwide sporting events taking place up to 2024 and beyond: go to https://www.topendsports.com/events/calendar-2020.htm
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