More than 1.5 million UK small firms now export worldwide
International payments firm WorldFirst announces launch of small business-focused payments platform
More than 1.5 million of the UK's small businesses are now involved in worldwide trading, according to new research from international payments platform WorldFirst.
It's estimated the combined value of UK exporting now stands at £78bn every month, with small businesses shipping their goods as far as China and Costa Rica but Western Europe remaining as its most significant trading partner.
London was home to the highest percentage of exporters (39%), followed by the East Midlands (32%) and Yorkshire & Humber (30%), while medical and health (37%), manufacturing (39%) and transportation & distribution (51%) were the top sectors for international trade.
WorldFirst has also announced the launch of a World Account – an international payments platform for small businesses and online sellers that helps them overcome the hurdles and costs of exporting.
Jonathan Quin, co-founder and CEO at WorldFirst, said:“We’re very excited to be launching our World Account, the first multi-currency international payments platform for businesses.
“Our research shows that over 1.5 million SMEs are trading more than £78bn a month across international borders. This is a significant contribution to the UK economy. It’s time that small and medium-sized businesses enjoyed the same products, price and service that was only previously available to big businesses.”