Record year for UKEF

Record year for UKEF

The latest UK Export Finance (UKEF) annual report and accounts show that the UK’s export credit agency has supported the largest number of exporters in 25 years, with a 23% increase since last year.

77% of the exporters that benefited from finance and insurance from UKEF were SMEs, and an estimated 7,000 companies in exporter supply chains also indirectly benefited.

Altogether, UKEF supported more than £800m in sales overseas through its SME-targeted trade finance products, and issued £1.8bn in export support.

This announcement comes a year into the Exporting is GREAT campaign, the government’s drive to empower 100,000 new companies to sell overseas by 2020.

Lord Price, minister for trade and investment, welcomed the results, saying:  “Exporting can help businesses grow – and grow fast.

“That means more jobs, more profits, more tax revenue and more benefit to society. By providing its innovative support to more exporters than ever before, UKEF is helping to make exports happen, playing a vital role in the whole-of-government push for 100,000 new exporters by 2020.”

Louis Taylor, UKEF’s chief executive officer, added: “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.”

The report also showed that UKEF support helped UK companies export to 69 different countries and the number of businesses that directly benefited from its support rose by 23%.