UK SMEs have made significant inroads to increase their exports since 2016 but many are still missing out on the profits to be made from international trade, according to a study by Royal Mail.
The results found that 52 per cent of SME businesses sell to customers outside the UK, which was at 40 per cent in 2016. The remaining 48 per cent of SMEs are still apprehensive to trade internationally due to cost and complexity, market knowledge and risk associated with currency conversion.
Of the SMEs that sell internationally, a quarter already sell within the EU and would like to seek opportunities to sell outside the EU. Another thirteen per cent already sell outside the EU and will be seeking more opportunities to do so.
“Expanding your business overseas might seem like a daunting prospect. But, the reality is that ecommerce is driving global trade,” said Royal Mail spokesperson. “If UK SMEs want to benefit as a result, they need to expand into international markets. Many of the perceived barriers our research has identified can be easily addressed.”
