23% rise in UK exporters since last year

The number of businesses benefitting from finance and insurance from UK Export Finance (UKEF) has increased by 23%, with 77% of those small and medium-sized enterprises, according to its annual report and accounts.

Small businesses have won export contracts worth around £1.8bn since UKEF introduced new UK export contracts in 2011 in response to the recession. The organisation claims more than 7,000 companies have directly or indirectly benefited from its support via exporter supply chains.

The report comes a year after the government announced the launch of its Exporting is GREAT campaign – a drive to help 100,000 new companies export by 2020.

Despite the pound hitting a record low in the wake of the referendum, the devalued currency is thought to benefit UK exporters by making goods cheaper for foreign buyers and increasing their profit margins.

Louis Taylor, UKEF CEO, commented: “UK Export Finance’s mission is to ensure that no viable UK export should fail for lack of finance or insurance from the private sector.

“This year’s results show that we are making significant progress in reaching a wider customer base. We will continue to be innovative and flexible, anticipating the needs of exporters and finding ways to meet them.”