Welsh businesses could gain a major boost in exports by marketing their products as Made in Britain, according to a new report independently commissioned by Barclays Corporate Banking.

If all the goods exported from England, Wales and Scotland were labelled Made in Britain, then based on just the eight markets surveyed, businesses could gain a premium of up to £2.1bn.

More than a fifth (21 per cent) of consumers in new and emerging markets are more likely to buy a product if the Welsh Flag is used, strongly associating Welsh products with value for money and tradition.

That figure leaps to 64 per cent with the use of the Union Flag, however, which is more likely to be associated with quality internationally.

The report’s findings sought to understand the value of ‘Brand Britain’ for export purposes in comparison to the brand values of Made in England/Wales/Scotland. The research combined ONS export data with a survey of 7,610 individuals in eight key export markets (France, Ireland, Germany, the USA, Brazil, South Africa, China and Qatar) designed to examine the premium they are willing to pay for different goods labelled as Made in Britain/England/Scotland/Wales.

John Union, head of Corporate Banking, Barclays Wales Region, said: “Welsh products are associated with tradition internationally and as such demand a premium, but the report highlights a real opportunity to use Made in Britain to boost the amount overseas consumers will pay even further. Welsh businesses which label their products Made in Britain are well placed to expand into new and emerging markets and the report shows that the biggest premiums for British branded goods will be paid in these markets, not the developed markets. These new and emerging markets are also growing at a faster rate than the established trading partners, meaning growth opportunities and premium pricing are aligned.

“Rather than focusing on seemingly saturated developed markets, exporters should seriously consider looking further afield as there are bigger premiums to be had when products are marketed as Made in Britain.”