70% of exporters expect turnover boost over the next year, study finds
British Chambers of Commerce study finds widespread optimism amidst highest volume of exports on record
More than two-thirds of UK exporters expect a boost in revenues over the next year, a new study has claimed, as exports reached their highest level on record this year.
The Trade Confidence Index, published jointly by the British Chambers of Commerce (BCC) and courier company DHL, found that 70% of exporters believed their turnover would improve in the next 12 months – a 10% boost on the same time last year.
Exports themselves also reached a record high, according to the report, as the volume index of trade documents issued by Chambers of Commerce across the UK in the second quarter of 2012 reached 119.27 – the highest level since records began.
Just under half (47%) of exporters reported a boost in sales, compared to just 6% who saw a decline in export deals.
Broken down by sector, manufacturing exporters saw a particular boost in confidence, with 72% expecting to grow sales compared to 68% in Q1 2014, but service sector firms saw a slight dip in confidence, with 70% expecting a revenue boost compared to 73% last quarter.
The BCC/DHL study found that the highest increase in exporting activity was seen in the East Midlands – a key hub of the UK’s manufacturing revival – followed by Northern Ireland and Yorkshire and the Humber.
John Longworth, director general of the BCC, said: “Our exporters are bullish and optimistic about the future, with many expecting an increase in turnover having seen a rise in export sales in Q2.
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“The volume of trade documents issued this quarter suggests that exporting activity across the UK is at an all time high. This is fantastic news – as boosting our international trade efforts are key to our long-term economic success.
“If we are going to reach the government’s target of increasing exports to £1trillion by 2020, the UK should be matching the level of resourcing dedicated to export support provided by our major international competitors. And government intervention must be more focused in areas that can really make a difference, such as providing greater access to finance to growing firms.”