UK exporting boom as 63% of small businesses trade internationally
France is the biggest market for UK exporters, while the US is the country's most significant trading partner outside Europe
The UK’s small and medium-sized businesses are making a significant contribution to international trade as the latest FedEx SME Export Report reveals 63% are now exporting.
The report says that UK small businesses have taken advantage of a declining pound, with exporting revenues now accounting for 59% of these businesses’ total revenues.
Of those surveyed, 30% reported increased revenues over the last 12 months, while 33% are expecting their revenues to grow over the next year. E-commerce has emerged as a major driver of export growth, with 81% of exporters having generated revenue through online sales.
With 86% having traded goods within the continent, Europe is still the dominant trading partner for UK exporters. France (60%), Germany (56%) and Ireland (43%) were ranked as the top export markets.
Another 63% have traded with the rest of the world, with the US listed as the top exporting destination outside Europe (38%), followed by India (20%) and Australia (16%).
Ed Clarke, managing director of UK ground operations of FedEx Express, said: “It’s promising to see exports could be having a positive impact on the UK economy.
“To continue this upward momentum, governments and businesses across the world should play an increasingly important role to align small business exporting ambitions with the digital economy – providing more opportunities to reach new markets and customers.”
“British small businesses are the bedrock of the economy. As these businesses are displaying such great resilience in times of uncertainty, there will no doubt be an upswing in exciting and ambitious small businesses who also want to make their mark in today’s economy.”