“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.
Capitalise on the opportunities of exporting
Is your business making the most of global opportunities?
Exporting for the first time or growing an existing operation into new markets can seem a daunting task, and a lack of internal knowledge and resources is a key reason why many firms avoid expanding further afield.
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.
Learn more about our international trade consultancy services here.