The strategy is light on firm KPIs to measure success, but recognises the need for more data to provide clear targets.
However, the Government firmly believes that Jersey has untapped export potential which the strategy will help to release.
It points to UK data which estimates that the state has up to 375,000 Small and Medium Enterprises (SMEs) which have exportable goods but are not currently exporting, which could unlock an annual £290 billion for the UK economy.
Pictured: Economic Development Minister Kirsten Morel has launched the island’s first ‘Export Strategy’ to boost the value of goods sent overseas.
The Government say its Business Survey indicates the equivalent opportunity in Jersey with 58% of respondents not currently exporting saying they see opportunities to start in the next three years.
94% of businesses in Jersey have fewer than 20 staff, putting them in the SME category and within this potential-for-export group.
A central tenet of the strategy is a ‘Export Support Service’ – a ‘one-stop shop’ for firms which want to trade beyond Jersey’s shores.
It also aims to collect better quality data, strengthen transport links, and build economic links with France and further afield.
Currently, Jersey imports far more goods than it exports. Based on data from the Ports of Jersey, in 2021, the island imported over 350,000 tonnes of goods and exported just under 90,000 tonnes.
This means that there are an estimated 3,000 containers returning empty from Jersey that each offer an export opportunity.
Pictured: There are an estimated 3,000 containers returning empty from Jersey that each offer an export opportunity.
Freight exports hover at around 5,000 tonnes a month, but treble to 15,000 tonnes a month at the height of the potato season.
Deputy Morel said: “As the history of our economy proves, exports are a vital route to unlocking productivity growth and supporting a diverse and resilient economy. This strategy is the starting point to helping Jersey companies find new markets by developing their exports.
“Creating the economic environment which will help unlock export potential for island businesses, includes looking at the critical connectivity and logistics challenges that the island faces.
“These are not unusual or new challenges for an island economy such as ours, but it is vital we work with all stakeholders to find the best solutions to support our economy to thrive.”