SMEs optimistic about international trade next year
Exporters from small to mid-sized businesses believe 2015 will bring them more international business, according to new research.
According to Open to Export, an exporter’s forum backed by the government, small and medium-sized enterprises are optimistic about opportunities overseas in 2015.
After trade data from the Office for National Statistics showed that UK recovery is not being driven by exports, initiatives like Export Week were set up to increase the amount of international trade in the UK.
Better understanding of complex regulations lead to more confidence in exporting
Business owners often leave foreign markets untapped due to the multitude of laws surrounding exporting, but events like Export Week help to better explain the processes involved to SMEs.
As a result, 78 per cent of business owners and managers now believe that exports will be better in 2015 compared to 2014. Only 3 per cent of the 400 respondents to the Open to Export survey believe that 2015 will fare worse than 2014 when it comes to exporting. The most popular markets for planned expansion were Europe and North America.
Business-to-business companies more adventurous
However, business-to-business (B2B) companies were more likely to set their sights further afield than business-to-consumer (B2C) firms.
Over a third of B2B companies looked to Africa for expansion and 36 per cent eyed South East Asia, compared to 20 per cent and 22 per cent of B2C firms respectively.