To mark the start of Export Week, Lloyds Bank Commercial Banking has released a snapshot of export activity among the south west’s small and medium sized businesses.
- Export levels are solid, with nearly a third (32%) of local firms currently selling their goods or services abroad
- For those already trading internationally, the activity generates more than two fifths (42%) of their total sales turnover
- At the close of H1 2015, nearly half (47%) south west businesses forecast an increase in their export activity during H2, which may in part be driven by concern over weakening domestic demand for products and services. Just over a quarter (27%) of south west businesses said this was a worry
- Nearly half (47%) predicted their export levels would remain the same, while five per cent forecast a decrease during H2
- Despite recent turbulence, the Eurozone continues to be a key target market for South West firms, with more than two fifths (42%) of businesses increasing exports to the territory
- Sales to both Asia and the Middle East are also set to increase by a quarter (26%) until the end of the year
David Beaumont, area director for SME Banking in the south west, Lloyds Bank Commercial Banking, said: “Establishing or scaling-up export activity can be a daunting prospect for businesses, but the benefits are many – as the local firms already trading overseas can testify. We are working with UKTI, through a strategic partnership, to support small firms’ export ambitions and provide insight, support and introductions.
“To underline our commitment to boosting international trade, we’ve pledged to grow our provision of trade finance to SMEs by 25%.
“I’d encourage all local businesses looking to develop their export strategy to get involved in one of the many excellent Export Week events being run in the South West.”
Export Week, five days of events organised by UK Trade & Investment (UKTI), aims to promote the benefits of trading internationally, supporting companies at the beginning of their export journey or looking to increase their international business.