UK business could be set for a major boost as 47% of SMEs – equating to more than 640,000 companies - predict their turnover from exports will jump in the next year, according to a report from Smith & Williamson.
This sentiment follows HMRC figures released earlier this month which showed that the number of UK companies exporting goods has risen by 4% since last year.
Companies with 50-250 employees were most confident about overseas revenue over the next 12 months, with three in five (61%) predicting an increase, and one in seven (14%) believing their export turnover rise by more than 50%.
Among firms with 10-49 employees and micro-businesses with under 10 workers, the figures were lower, with the percentage of businesses forecasting increased export revenue falling to 34% and 33% respectively.
According to HMRC’s June data, the value of exports from England is up 6.5% on last year, while Scottish, Welsh and Northern Irish exports value has increased by 12.1%, 7.1% and 4.9% respectively.
Stephen Drew, head of international services at Smith & Williamson, said: “We have a lot of very ambitious businesses here in the UK who are striving to extend their reach to new markets, whether it’s through finding international customers to sell to or setting up overseas operations. Exports from all UK countries are on the rise, so there is a clearly a growing global demand for UK goods and services, despite any complications being caused by the Brexit process.
“Any aspiring entrepreneur with an opportunity to expand overseas should grasp it. Whether they’re early stage or mature, it’s often the businesses that reach across borders and successfully enter new markets that achieve the fastest growth.”
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