UK Export Finance’s (UKEF) new annual report reveals that, in 2017/18, the organisation provided £2.5 billion worth of support to UK exporters.
According to the report, more than three quarters (77 per cent) of the firms the credit agency helped to support were small and medium-sized enterprises (SMEs).
In total, the group managed to help SMEs and larger businesses to secure sales to more than 75 countries last year, the report reveals.
Meanwhile, since 2011, UKEF has supported £4.1 billion worth of export contracts via its trade finance products, the group’s report adds.
Baroness Fairhead, Minister of State for Trade and Exports, said that the figures represented the “transformative” effect UKEF’s support can have for British business that want to embrace international trade opportunities.
“By providing innovative and flexible finance and insurance, the Government is helping British businesses – big and small – realise the value they bring to the international marketplace,” she said.
“The range of exports supported by UKEF demonstrates that the UK’s exporters have a truly world-class export credit agency behind them – and that’s why the Government’s forthcoming export strategy will deliver on our commitment to put UKEF at the heart of trade promotion.”
Trade Secretary Dr Liam Fox added that it had been a “landmark year” for the agency and for British exporters alike.
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