North West SMEs top in UK for exporting

Small- and medium-sized businesses in the North West are some of the most active in the country when it comes to trading overseas, according to new data.

A report commissioned by money transfer firm World First has found that the average SME in the region pulls in £1.06m annually through exports, which is more than any other part of the country.

Further, the figure is nearly four times the UK average of £287k.

Despite the positive data, just 5% of North West SMEs that are not already exporting intend to start trading overseas in the next five years.

The World First report, titled Thinking Global: The route to UK exporting success, also found that the majority of smaller firms in the region have beaten off the worst of the Brexit blues.

Just over two-fifths (42%) of respondents believe Britain’s decision to leave the European Union will negatively impact their ability to export, but only 23% who believe it will help them.

When asked about the barriers to increasing exports, 25% of North West firms cited language issues when looking to enter the Asia-Pacific market, while 21% encountered the problem for South America and 20% for Africa and the Middle East.

Cultural barriers were also found to be an issue, for 31% of the region’s companies targeting Africa and the Middle East, 27% Asia-Pacific and 19% South America.