UK exporters still value the EU market despite the economic challenges currently faced by the collective. The International Trade Survey – published by AIG and The Institute of Export – reports that 49.5% of UK companies consider the EU as critical to business, a proportion that has grown from 45% last year. Exports to the EU count for approximately 60% of UK exports.
“On one hand, it is clear why UK exporters want to continue exporting to the EU,” says Carl Hasty, Director of international money transfer specialist Smart Currency Business. “Ongoing trade relationships with these countries makes exporting to them more convenient than to markets further afield.
“The proximity of the EU also means that UK exporters are able to offer better services in terms of shorter lead times and cheaper delivery costs. This helps build up British export competitiveness within the EU.”
“On the other hand, UK exporters need to consider new markets too. Only 12.5% of respondents in this survey intend to enter new markets this year. More exporters need to consider the advantages of casting their sights on other markets, particularly growing markets.
“Expanding their horizons will allow them opportunities to grow their businesses further. It will also contribute to the Government’s export target of £1 trillion by 2020.”