Increasing number of UK SMEs eyeing up international trade

A new study suggests that an increasing number of UK small and medium-sized enterprises (SMEs) are eyeing up international trade, and hoping to expand into both EU and non-EU markets.

The research, carried out by Albion Ventures, found that SMEs’ appetite to target international markets has grown significantly since Britain’s vote to leave the European Union.

It revealed that, over the next two years, more than one in five (21 per cent) of businesses are hoping to do more trade with non-EU nations, while 16 per cent have plans to develop or expand trade links with the single market.

Categorised by sector, 79 per cent of businesses in the transport and logistics sector said that they had plans to enter into new markets within the next two years, comparable with 75 per cent of manufacturing firms and 73 per cent of tech sector enterprises.

On a regional basis, SMEs in London appeared to be the most ambitious, with 68 per cent eyeing up overseas trade, compared to 61 per cent of firms in North East England, 56 per cent of businesses in the Yorkshire and Humber region, 47 per cent of firms in South West England and South Wales, and 46 per cent of enterprises in the East of England.

Overall, a further 13 per cent of UK SMEs told the survey that they were hoping to bolster their business’ growth by launching new products and improving their online services in coming months.