A new British Chambers of Commerce report released today shows export confidence at a record high among manufacturers, but it also shows more support is needed to obtain the government's £1trillon target.
The new research, carried out by the BCC in conjunction with DHL Express looking at the health of the UK’s export market, shows that turnover confidence among exporters is now at the highest level on record (72%).
Confidence was particularly strong among exporting manufacturers, with 69% believing that their turnover is likely to improve, compared with 66% last quarter.
However, the volume of exports for goods fell slightly this quarter – representing a decrease of 3.1% compared with the third quarter of 2013 and 0.9% compared with the same quarter last year.
While businesses confidence is high, it is felt more needs to be done to help firms break into fast-growing markets in order to reach the government’s increasing of exports to £1trillion by 2020.
John Longworth, director general of the BCC, believes a collective effort is required in order to successfully increase exports and hit the target figure.
“Everyone has to take responsibility and play their part – government, civil servants and business alike, so that firms can make some real in-roads in high-growth markets overseas in countries such as Mexico, Nigeria and Indonesia,” he said.
“We are seeing small signs of export reorientation away from Europe and North America towards some of these stronger growth regions, but there is still a lot more to do. As a nation we currently only spend 0.02% of GDP on trade support, which is nowhere near enough if we are going to re-balance our economy towards net exports.”