Market Uncertainties Cause a Slowdown in International Trade for UK SMEs

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The future outlook for international trade looks gloomy going into 2018 for UK SMEs, with 75 per cent of them expecting trade to decline or remain stagnant over the next 12 months.  That is according to WorldFirst's Global Trade Barometer.

“A positive that has come from such a negative year is that UK SMEs are seemingly drowning out the Brexit noise," says Jeremy Cook, chief economist at WorldFirst.

Read more on how UK SME confidence seems to have hit rock bottom when it comes to international trade.

Europe is Where Most UK SMEs Go First on Exports

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Europe is the market most UK small business exporters go to first. Over half say it’s easier to trade with versus elsewhere.  The Federation of Small Businesses (FSB) reveals through its research a trade deal with Europe is top of the list for UK small businesses post Brexit.

Nine out of 10 (92%) exporting small businesses and 85% of importers trade with the EU. It is also the first foreign market many small firms go to: exporters are twice as likely to have exported to the EU for the first time, than another market. 

Read more here.

Look Internationally for New Market Opportunities

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A recent report by HSBC found that three quarters of small businesses would like to expand internationally but said they are held back because they lack “international business experience and knowledge.”

Yet in the case of UK SMEs, they are increasingly being encouraged to look internationally for new market opportunities.

Where do SMEs trip up?

Find out here.

Only 1 in 5 UK SMEs Export

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Is it surprising that according to UK-based CBI, only one in five UK SMEs exports? 

This is especially surprising if you add the additional statistic that businesses are 11% more likely to survive if they do so. Then, when you mix in research from the government's UK Trade & Investment body which states that exporting SMEs are 34% more productive in their first year than those SMEs who do not, you wonder why UK businesses remain so internationally reticent.

Read the entire article:  Mapping the small business export market