20 percent increase in export opportunities since the EU referendum
As the sterling pound has weakened, British prod...
eProcurement system Applegate PRO has experienced a 20 percent increase in overseas tender requests.
As the sterling pound has weakened, British products and services are cheaper overseas, giving UK manufacturing the chance to compete in foreign markets.
Despite the potential boost for exports from the drop in the value of sterling, Britain is still significantly behind the government target of £1 trillion of exports by 2020. The recently appointed Trade and Investment Minister, Lord Price CVO, stated: “The UK punches well below its weight in the export market and badly needs to improve.”
Stuart Brocklehurst, Chief Executive Officer of Applegate, commented: “With concerns over domestic demand, exports offer a great diversification of revenue for UK businesses. The decline in sterling means our goods and services are around a tenth cheaper for overseas buyers and with Applegate PRO, these opportunities can be accessed easily.”
Applegate PRO is being utilised by a wide range of companies across the world, including Airbus, SpaceX, General Dynamics, NATO headquarters and The White House.
A recent survey by the Federation of Small Businesses suggested that the number of small businesses exporting could double due to this drop in value, and cushion the economy from the uncertainty of leaving the EU.