Government-backed export insurance protects agricultural exports
UKEF covered five contracts worth £100,000 that enabled Muntons to export its malt to buyers in Turkey.
| About Muntons | |
|---|---|
| Region | Suffolk |
| Sector | Food and drink |
| Export destination | Turkey |
| UKEF support | Export insurance policy |
Muntons has manufactured malt in the UK for 100 years and exports its range of products, including malts, homebrew kits, flours and flakes to 76 countries worldwide.
The Stowmarket malt firm generates over 40% of its revenue from overseas shipments. To protect its overseas revenue, Muntons has a trade credit insurance policy in place to protect against non-payment.
Trade insurance is a daily necessity for hundreds of thousands of businesses across the UK – particularly those in non-service sectors like agriculture because of its long production cycles combined with permanent risks arising from unpredictable harvests and global economic change.
Some private sector insurers are reluctant to cover export contracts for perishable goods, especially to risky countries where inadequate storage, processing or handling capacity limit trade potential.
Our export insurance policy can provide additional support for firms like Muntons. We recently covered five contracts worth £100,000, enabling Muntons to export its malt to buyers in Turkey.
Mark Tyldesley, Managing Director at Muntons said:
The additional support from UK Export Finance has helped us maintain credit protection in Turkey and therefore allowed us to continue to trade with financial confidence.
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