More small firms exporting

New figures from the Office for National Statistics (ONS) show that the number of UK smaller businesses which export abroad has increased by 6.6 per cent to 232,000 in 2017, equating to almost 10 per cent of all small and medium-sized enterprises (SMEs) in the UK.

In fact, the ONS Annual Business Survey shows that there has been an increase in businesses of all sizes selling their products or services to overseas buyers, with exports reaching £637 billion in September, which is an increase of 4.4 per cent on the previous year.

New businesses are also starting as they mean to go on. Statistics show that the number of firms which are less than two years old and which exported last year has increased by almost 20 per cent to 47,000.

Meanwhile, established businesses are also making the most of the support on offer for exporters, as the number of businesses over 10 years old who export also increased by just over 10 per cent to 115,300.

Commenting on the figures, International Trade Secretary Dr Liam Fox said that the Government’s Export Strategy sets out an offer to every business that has the ambition to start exporting or to increase its existing operation.

He added that the Government’s objective is to drive exports from 30 per cent of gross domestic product (GDP) to 35 per cent. The Strategy sets out how the Department for International Trade (DIT) will support businesses of all sizes to make the most of the opportunities presented by markets around the world.

Leave a Reply