Britain’s toy industry could be on the verge of a global golden age.
Post-Brexit trade deals are demolishing export barriers as children around the world unwrap UK-made Christmas gifts tomorrow.
Toy and bike exports have brought a £640million boost to the economy.
And manufacturers will find it even easier to crack international markets when the UK becomes a full member of a giant Indo-Pacific trade bloc worth £12trillion next year.
It will see duties on stuffed toys slashed from four per cent to zero.
Describing Britain as one of “Santa’s biggest workshops”, the Department for Business and Trade said toy exports to Australia, New Zealand and Japan alone were worth around £36million last year.
And hopes are high that the latest free trade agreements will boost sales to new heights.
Ascot-based Frog Bikes already exports to more than 50 countries and hopes the new trade deal – formally known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership – will expand sales further.
Bicycle exports to Singapore have soared by 255 per cent over the past five years.
The company was founded by Jerry and Shelley Lawson, who were inspired to create the lightweight bicycle after a “fruitless hunt” for their own two children. Exports now account for 45 per cent of sales.
Mr Lawson said: “Our journey at Frog Bikes has been one of constant evolution and expansion. We envision expanded exports to countries like Singapore and Canada, anticipating the benefits of the CPTPP.”
International trade minister Greg Hands said: “I’m delighted our post-Brexit trade agreements are making it easier for British companies to help Santa check off Christmas lists.”
The UK has now agreed trade deals with 73 countries, plus the EU.
The Indo-Pacific agreement – which includes Canada, Japan, Chile, Mexico, Vietnam, Peru and Malaysia – takes full effect by the end of next year.
