UK export market is growing and is expected to grow further: Sponsored
British businesses are ambitious for international growth and see exporting as key to their success.
That’s according to recent research from Alibaba Group, in partnership with the Institute of Export and International Trade.
The survey of more than 3,000 UK businesses revealed buoyant export activity, with those businesses that export generating nearly half of their annual revenue from exporting. Encouragingly, nearly 75% of business owners surveyed expect their export sales to increase in the next 12 months, with almost a quarter (24%) saying they expected a “significant increase” in sales.
Beyond the economic benefits, UK businesses say they have introduced more innovation, developed new products, and hired more people as a result of exporting. Over four in five (81%) of UK businesses surveyed said exporting had made their business stronger, while 80% said it was ‘critical’ to the future of their business.
Roland Palmer, General Manager of UK, Benelux & Nordics, Alibaba Group, said: “British businesses believe that export is integral to their success. It is positive to see exporters anticipating even further export sales growth in the next 12 months.”
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Despite the positive outlook, there remain hurdles that could stand in the way of businesses’ export ambitions. Supply chain and logistical issues topped the list of barriers, followed by increased paperwork and red tape as well as the current economic uncertainty.
Furthermore, a significant number of UK SMEs are yet to begin selling overseas – in fact, nearly a quarter (24 per cent) of those surveyed do not currently export.
“At Alibaba, we’re focused on levelling the playing field for businesses of all sizes,” explains Roland Palmer. “Our online marketplaces such as Alibaba.com enable SMEs and multinational operators alike to gain access to new markets and new audiences. The digitalisation of global trade presents a huge opportunity for small businesses to punch above their weight on the international stage.”