Results from the 2013 International Trade Survey, undertaken by Trade & Export Finance Limited and supported by The Institute of Export, shows that three out of five companies surveyed expect their exports to increase over the next five years.
However, respondents particularly small and medium sized businesses also reported that their lack of experience in exporting was the single most constraining factor in entering overseas markets. The Survey contacted 20,000 companies and received 1600 responses.
The Survey highlights that the lack of bank finance is holding companies back, with no growth in the use of export finance. As a result the Government’s help through UK Export Finance (UKEF) has been stymied as all guarantees have to be given by banks.
The survey found that less than 50% of exporters believe that continued membership of the European Union is critical to their business. However, companies with a turnover of more than £10 million are more likely to believe that EU membership is critical. The Survey points out that 80% of UK exports into Europe are conducted by 20% of companies.
Copies of the Survey are available from: www.taefl.co.uk