New research from the Federation of Small Businesses (FSB) suggests that only 20 per cent of UK small and medium-sized enterprises (SMEs) are currently exporting their products and services overseas.
Following these findings, the FSB is calling on the Government to extend greater support to small and micro-businesses who are ‘on the fence’ – in particular, those who are interested in exploring international trade opportunities, but might need a little help getting to grips with establishing international trade links.
Mike Cherry, Chairman of the FSB, has said that, with the right support, the number of UK SMEs exporting their offerings “could be double.”
Ahead of the Autumn Budget, he has raised concerns that the Government needs to begin offering greater support to smaller firms.
The calls come amid concerns that the UK’s trade deficit in terms of the international trade of goods and services is widening.
Up-to-date figures from the Office for National Statistics (ONS) suggest that the trade deficit grew by approximately £3 billion in the three months to September 2017, soaring to £9.5 billion.
“The continuing trade deficit shows work needs to be done to encourage the UK’s small businesses to trade overseas,” Mr Cherry said.
“Bespoke support is important for small and micro businesses. As well as current initiatives to support reactive exporters, more needs to be done to help turn small businesses into strategic exporters.
“Our research shows that one in five small businesses currently exports, and with the right support that figure could be double,” he said.