15.01.2015

Report Finds Four In Five SMEs Export To Continent

Four out of five British SMEs who export say they now have dealings with businesses in Europe, according to new research.
 

The International Trade Monitor report from Western Union Business Solutions have revealed that nearly half of SMEs have increased the number of countries they do business with in the last 18 months, while a third expect their international trade to continue growing in the year ahead.

 
The share of business revenue that comes from exporting is higher for SMEs in the UK than for any other Western economy, the report additionally found, comprising a quarter of income on average, compared with 18% in the USA and 12% in Canada.
 
Tony Crivelli, Managing Director for Europe at Western Union Business Solutions, said the findings highlight the UK's reliance on a robust export market.
 
"It is encouraging to see that, for the second quarter in a row, over a third of SMEs have seen business revenues increase as a result of their international trade activity, with many anticipating further growth in this space in the coming months," he added.

Expert Opinion

For so many businesses of all sizes, a natural progression in their development plans is to consider the opportunities which lie in overseas markets for them. As a result, it is unsurprising to see so many SMEs looking abroad to expand and develop their offerings. <br/> <br/>"It is of course vital that small businesses bear a number of issues in mind when looking to export, with a particular focus on key regulations in specific jurisdictions and ensuring that legal agreements with business partners meet their requirements. <br/> <br/>"Speaking to legal advisers on such issues is absolutely fundamental to guaranteeing that exporting deals work for you." Fergal Dowling - Partner