Fresh data from Alibaba in partnership with the Institute of Export & International Trade has shone a light on just how powerful exports can be for UK businesses.
Their new report entitled ‘The UK Opportunity Report – Global Horizons: helping UK businesses grow through international trade’ quizzed 3,000 UK businesses to uncover just how powerful international trade has been for them.
Businesses already exporting, some three-quarters, said that export sales accounted for 49% of their total revenues with 82% of all responders saying exports had increased company revenues – 97% for enterprise-level firms, and still a healthy 68% for micro businesses.
And the benefits of exporting aren’t just revenue related. The report also found that 79% of firms viewed international trade has helped to ease the pressure of doing business in the UK with a similar number saying exports had made their business stronger and more resilient.
Eight in 10 said exporting was critical to their future plans.
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Alibaba’s Roland Palmer noted that: “International trade is widely recognised as a key driver of growth, benefitting businesses that export and the UK economy.
“Furthermore, the UK’s recent economic challenges underline the importance of advancing prosperity by accessing new markets and customers.”
One in four UK firms missing out on export benefits
The report by Alibaba and IOE&IT also highlighted how 25% of UK businesses are still yet to start exporting, despite the wide-ranging benefits of doing so.
Some of the complexities surrounding starting to trade abroad for the first time can be a big stumbling block for smaller firms, especially in the wake of Brexit.
If your business would like to explore the benefits of exporting for the first time but aren’t sure where to start, then Go Exporting can help.
Our international trade consultancy services helps you to plan and prepare for your export journey. But before that, we can help you undertake an export readiness evaluation to assess and prepare you to start your global expansion plans.