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Raring to go: almost half (47laptop) of UK SMEs wish to export to Western Europe inside coming 12 months

As Prime Minister Boris Johnson assembles his “struggle Cupboard” to confront Brussels with the specter of a no-deal Brexit, small enterprise exporters have shrugged off the danger of Britain crashing out of the EU.

The vast majority of UK SMEs that export internationally are extra nervous about President Trump’s “America First” commerce insurance policies and the danger of a worldwide financial slowdown than Britain exiting the EU with out a deal.

As well as, nearly all of SME companies say Brexit uncertainty has had “no impact” on their firm’s worldwide technique, in line with a survey.

In reality, 47laptop of SMEs surveyed by OFX, wish to begin or enhance gross sales to Western Europe within the subsequent 12 months.

General, British companies are nonetheless eager to interact in international commerce, with nearly half (48laptop) having elevated gross sales by a median of £45,000 within the final 12 months. In the meantime, 44laptop count on to start out or enhance worldwide gross sales throughout the subsequent 12 months.

Nonetheless, President Trump’s protectionist commerce insurance policies – which embody the specter of new tariffs on billions of ’ price of European items — have spooked SMEs. Western Europe has overtaken the US as companies’ favorite export market.

Sarah Webb, president UK and Europe at OFX, mentioned: “Whereas UK companies are proper to arrange themselves for the dangers of a no-deal Brexit, this shouldn’t be the one subject that takes their consideration proper now. The knock-on results of a worldwide financial slowdown might find yourself posing a much bigger problem to international commerce and the foreign money markets, so it’s comforting to see small to medium-sized companies taking motion to guard themselves to allow them to proceed to commerce with confidence.”

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Bullish Northern Eire

And, regardless of the dire warnings of a tough border being reimposed between Northern Eire and Eire, almost half of Northern Irish SMEs mentioned the Irish Republic could be their most engaging export market over the approaching 12 months.

Within the final 12 months, nearly all of Northern Irish SMEs (68laptop) elevated their worldwide gross sales by a median of £52,440 — making it the fastest-growing area for SMEs exporting internationally.

Jake Trask, FX analysis director at OFX, mentioned: “As we method the Brexit deadline, it’s encouraging to see such a present of confidence from small and medium-sized companies proper throughout the UK. That’s significantly true for Northern Eire, the place companies have embraced cross-border commerce regardless of ongoing uncertainty across the phrases of Brexit.

“Regardless of escalating rhetoric amongst politicians, companies are merely knuckling down and taking applicable measures to allow them to proceed to commerce prefer it’s enterprise as normal.”

Funds platform OFX surveyed 500 senior SME resolution makers for its third annual worldwide commerce survey.

Additional studying

70% of companies put funding on maintain due to Brexit uncertainty