Smaller and medium sized firms in Britain are struggling to finance their export orders despite increasing overseas demand for their products.
The ability to develop overseas markets between companies with an annual turnover greater and lower than £25 million is widening, according to an international trade survey.
1600 businesses were surveyed between Feburary and April 2013 in a studdy that reveals major constraints on the ability of smaller companies to export to their full potential.
These include lack of experience in the export sales process, lack of the ‘right kinds’ of finance, limited access to Government support and the ambivalence over the UK’s continued membership of the EU.
The annual survey is produced by Trade and Export Finance in association with the Institute of Export and sponsored by global insurance company AIG.
The key points of the 2013 report are:
- SME exporters are continuing to struggle to finance their orders despite increasing overseas demand for their products
- Evidence of a widening gap between the export success of small and large companies
- AIG Confidence index shows confidence in export growth
- Growth of exports by smaller companies held back
- Export orders secured because of high reputation for UK reliability and skills
- Support divided for continuing membership of EU
- Rising awareness of government schemes but should be much greater
- Companies involved in exporting use their own funds
- Awareness of UK Export Finance increasing but little traction through banks
This survey is the only independent and the longest running survey of its kind in the UK.