Sponsored by the Argentine Foreign and International trade ministry, a business delegation from Argentina visited the UK for a round of negotiations involving companies linked to the food and beverage industries.
According to the Argentine Embassy in London some 140 business meetings were organized with the purpose of promoting trade particularly the Argentine brand among British importers and supermarkets.
The Argentine delegation was made up of companies belonging to different provinces, Mendoza, San Juan, La Rioja, Cordoba, all of which were present mainly with bottled wine and organic honey.
Argentine ambassador Javier Figueroa opened the round of negotiations thanking the Argentine companies for accepting the challenge of trying to find new business opportunities particularly among small and medium sized companies, as part of a greater government strategy to improve productivity and increase Argentine exports, taking advantage of all the embassies and business offices Argentina has in the world.
This means, explained the ambassador sponsoring exports through international shows, trade missions, capacitating conferences, technology workshops, business rounds, Commerce Intelligence and programs such as Exporting Challenges.
Produce prioritized for the mission were the result of commercial intelligence gathering from the Trade and Investments Department from the Ministry of foreign affairs as well as data collected by the embassy in London.
Data gathering and released at the embassy round showed that wine sales to the UK last year totaled US$ 105 million, with a modest 4% annual increase recently which amounts to 12,8% of total Argentine exports of the product. However bulk sales of wine represented some US$ 36 million. As to honey, exports to UK reached US$ 1,3 million, last year with a 42% recovery over 2020.
Overall Argentine exports to UK reached US$ 996 million last year with a US$ 504 million surplus for Argentina. But in the last five years, Argentine sales to the UK only expanded 2% per annum, which means there are great market opportunities to advance. UK only represents 1,3% of total Argentine exports of over 80 billion dollars, equivalent in the range of 18% of GDP.