“The facts are clear. Businesses which trade internationally are more resilient, more sustainable, employ more people and are more profitable.”
Those are the words of Marco Forgione, director general of the Institute of Export and International Trade. And a new report suggests we can add another adjective to that list – more productive.
A feasibility study published by the London School of Economics on behalf of the government has found that businesses which export are increasingly productive compared to non-exporting firms. And there are a number of reasons for this.
The report suggests that UK businesses can learn a lot from international partners, clients and customers – especially when exporting to advanced economies.
Exporting firms that are also prolific importers are also more able to weather economic storms that can affect supply chains by having a more diversified route to materials. Importing businesses also have increased scope to source different materials and technologies.
In fact, the productivity improvements from training internationally range from three to 22%.
You can read the stody in full on the government website here.
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At Go Exporting, we help businesses to accurately identify profitable target markets and create a roadmap to achieving success in that territory, with as much or as little support as needed to make those exporting goals become a reality.
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Research commissioned by the British Beauty Council has found that Brexit has severely impacted the UK beauty sector, with SMEs especially affected.
The research, conducted by Oxford Economics, found that customs delays, increased costs associated with cross-border trade and a reduction in skilled EU workers entering the UK economy have shrunk the value of the UK beauty industry’s exports into the continent by £850m.
The research looked at sales trends before and after the UK’s departure from the European Union and found that, whilst sales increased in 2010 and 2016, exports have been in decline ever since the Brexit vote.
Interestingly, export values from UK beauty firms into the global marketplace have remained steady – its EU sales which have declined.
Head of trade policy at the BCC, William Bain, noted that: “The reality is if UK business is to thrive, then we must export more, it’s as simple as that. If we want to remain one of the world’s largest economies, then we need more firms selling goods and services internationally.
“The pandemic, supply chain disruption, Brexit, non-tariff trade barriers and global headwinds have all made this more difficult over the past few years.”
Read more: Growing crisis for UK’s exporting industry
This report, although damaging for the impact Brexit has had on trade with the EU, highlights the advantages of setting corporate sights further afield.
By targeting a global audience rather than just within the Eurozone, UK firms have an opportunity to find new customers – potentially in territories where competition is lower, or there is huge demand for their products and services.
To find out how export-ready your business is, take a quick and free quiz right here and get an instant assessment report on areas you need to work on to start taking advantage of the global opportunities that are out there.
It’s December already and another year is nearly over. Thoughts turn to the Christmas festivities and the New Year looming. Is 2024 the year you will look to expand your business into international markets? There’s a world of opportunity out there waiting for your product or service.
But how ready are you for the export journey? Are you prepared? Is your product/service right for your target markets? What’s the best route to market?
Take our short 16-question survey to find out your Export Readiness Score. In just a few simple multiple-choice questions, which will take no more than 3 minutes to complete, we’ll provide you with a percentage score and individual report showing the areas you need to focus on to be export-ready.
It’s been a busy year, so we’ve made it easy for you. Nothing too demanding, but a report at the end which will prove invaluable for your planning for international growth when you come back fresh in the New Year.
We would like to take this opportunity to thank you for following Go Exporting in the last year and reading our Expert Exporter articles, either on the website or via our newsletter. We hope it has proven interesting, useful, and sometimes amusing! We know you receive a lot of emails, so your time is precious.
We wish you a wonderful Merry Christmas and a very prosperous, international New Year!
