UK small and medium-sized enterprises (SMEs) are being urged to explore export opportunities, after a recent business tracker found that the number of SMEs trading internationally had fallen.
According to WorldFirst’s latest Global Trade Barometer, the number of UK businesses actively trading goods and services on an international basis has fallen by more than one million year-on-year.
In addition to this, 70 per cent of firms told the tracker that they were anticipating either no change or a further decline in international trade over the coming months.
The data echoes separate research recently published by the Government’s Department for International Trade (DIT), which found that only nine per cent of UK SMEs are currently exporting their offerings overseas.
Earlier this week, Minister for Trade and Exports, Baroness Rona Fairhead, unveiled the DIT’s Export Strategy – a new official review which will seek to extend greater support to internationally-minded businesses over the coming years.
In an official document published in recent days, the DIT estimated that as many as 300,000 UK businesses are currently producing ‘exportable’ products, but do not currently trade on an international basis.
The department said that its review will seek to raise awareness of the support currently on offer to businesses, and how British companies can best “take advantage of opportunities in overseas markets.”
Further information about the review can be found here.