Export Week: London SMEs remain reliant on Eurozone for exports
Marking the start of Export Week, Lloyds Bank Commercial Banking has released a snapshot of export activity among London’s small and medium sized businesses.
According to the report, over half (52 per cent) of London’s businesses forecast an increase their export activity during H2.
Just over a quarter (27 per cent) of London’s businesses were concerned over weakening domestic demand for products and services.
More than two-fifths (41 per cent) of SMEs in the capital predicted their export levels would remain the same, while seven per cent forecast a decrease during H2
Export levels are solid amongst SMEs in London, with a third (33 per cent ) of local firms currently selling their goods or services abroad. For those already trading internationally, the activity generates nearly two-fifths (39 per cent) of their total sales turnover.
Despite recent turbulence, the Eurozone continues to be a key target market for London firms, with more than two-fifths (41 per cent) of businesses increasing exports to the territory. Sales to the United States and Canada and Asia and the Pacific are also set to increase by 28 and 22 per cent by the end of the year, Lloyds reports.
Paul Evans, area director for SME Banking in London, Lloyds Bank Commercial Banking, said: “Establishing or scaling-up export activity can be a daunting prospect for businesses, but the benefits are many – as the local firms already trading overseas can testify. We are working with UKTI, through a strategic partnership, to support small firms’ export ambitions and provide insight, support and introductions.
“To underline our commitment to boosting international trade, we’ve pledged to grow our provision of trade finance to SMEs by 25 per cent.
“I’d encourage all local businesses looking to develop their export strategy to get involved in one of the many excellent Export Week events being run in London.”
Export Week, five days of events organised by UK Trade & Investment (UKTI), aims to promote the benefits of trading internationally, supporting companies at the beginning of their export journey or looking to increase their international business.
This was posted in Bdaily's Members' News section by Ellen Forster .