UK SMEs predict oversea turnover to rise
According to a recent report by Smith & Williamson, 47% of small and medium enterprises (SMEs) in the UK are expecting international turnover from exports to rise within the next year, equating to 640,000 firms.
The data also notes that only 12% of companies are anticipating a drop in export-related turnover in the review period.
HMRC recently released findings that the number of UK firms exporting goods had risen y 4% since 2017.
The data suggests that SMEs are not steering away from international trade because of Brexit trade negotiations.
“We have a lot of very ambitious businesses here in the UK who are striving to extend their reach to new markets, whether it’s through finding international customers to sell to or setting up overseas operations,” commented Stephen Drew, Head of International Services at Smith & Williamson.
“Exports from all UK countries are on the rise, so there is a clearly a growing global demand for UK goods and services, despite any complications being caused by the Brexit process.
“Any aspiring entrepreneur with an opportunity to expand overseas should grasp it. Whether they’re early stage or mature, it’s often the businesses that reach across borders and successfully enter new markets that achieve the fastest growth.”