Exporters outperform domestic-only businesses…
Recently published research confirms that businesses that export are outstripping businesses solely concentrated on the UK market.
Figures reveal that 56% of exporters have seen profits grow over the last year, which is a full 10% higher than domestic-only businesses. Turnover is also 10% higher for international businesses, with 63% reporting turnover growth compared to 53% for domestic businesses.
Rob Lawley, Head of International Trade at Staffordshire Chambers of Commerce, comments, “It’s no surprise to us at UK Trade & Investment (UKTI) that businesses who export perform better than those who do not. Not only do they have a far-reaching prospect base, they are also able to react to shifts in the global market by focusing on where demand is growing.
“In the context of increasingly intensified debates over the UK’s presence in the EU, this research emphasises the importance of international trade ties for British business. We need to rebalance the UK economy towards exports to secure recovery and long-term prosperity. Hopefully, these figures will encourage more businesses to take up the export challenge and accelerate their growth.
“According to the research, when asked what government support they needed for exporting, 60% of businesses said legal and regulatory advice, 49% said introductions to local business associations and 36% said tax advice. Our International Trade Advisors at UKTI can provide support in all of these areas, and we urge businesses across Staffordshire to contact us and break down the perceived barriers to exporting.
“At present, the West Midlands is the top region for overseas growth, having the highest year-on-year percentage increase in exports in England. With readily available support and a reputation for high levels of exporting, now is the time for ambitious businesses across the region to expand into international markets and increase their profits and turnover.”
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