Teagle Machinery Ltd. was one of nine of the UK’s fast growth companies which recently visited Chile and Argentina for a week-long trade mission, organised by Santander UK in search of new customers in Latin America. For the full story please read the editorial below which appeared today in the Western Morning News.
Roger Mundy, Managing Director, Beardsley Theobalds, 12th April 2018
Machinery firms eyes Latin America as new export outlet after Brexit
A Cornish agricultural machinery firm was among nine of the UK’s fast growth companies visited Chile and Argentina for a week-long trade mission.
Teagle Machinery Ltd joined the mission in March organised by Santander UK in search of new customers in Latin America.
The firms, the majority from Cambridge and Anglia, undertook a series of exclusive meetings with buyers and distributors and attended events with a view to exporting to Chile, the UK’s second-largest export destination in Latin America, and Argentina, which is focused on improving trade relationships and removing barriers to increase exports and imports.
Teagle Machinery Ltd is a family owned company, 75 years old, making a range of agricultural machinery. Teagle specialise in bale processing machinery, mainly used for the cattle industry, either for bedding with long or short straw, or for chopping straw to add to the cow’s diet.
Mauricio Munguia, Latam desk director, Santander Corporate & Commercial, said: “Given the current uncertainties around Brexit and how it may impact established UK exporters who would traditionally look to Europe with their products, companies need to be brave and explore new, often overlooked global markets, such as those in Latin America. The region is forecasting significant growth and there is a real opportunity for UK businesses where British produce is seen as synonymous with high quality.”
With particular strength in Latin America, the bank operates in Brazil, Mexico, Chile, Argentina, Uruguay, Peru and Puerto Rico. Our Latin American network includes more than 6,000 branches.
While in Chile and Argentina, the firms attended 80 tailored one-to-one meetings with large retailers including Jumbo and Walmart, buyers, well-respected distributors and international partners. They also attended large scale networking events supported by the British Chile Chamber of Commerce and Department for International Trade Buenos Aires, which showcased the best of British food, drink and manufacturing.
Chile has one of the largest portfolios of Free Trade Agreements in the world and is the UK’s second largest export destination in Latin America largely, thanks to the lack of tariffs on UK products. Investment opportunities also exist in wholesale, retail, education, agriculture, construction and energy.
Argentina is currently removing trade barriers to increase exports and imports under World Trade Organisation (WTO) rules. There is high demand for imported luxury consumer goods and food and drink.
Mr Munguia said: “We are confident this trade mission will help the SMEs which attended understand the opportunities available in these exciting markets.