BCC Trade Manifesto: International Trade Vital For UK Growth
The move comes as research shows SME exports continue to languish:
- In Q2 of 2023, half of all SME exporters (50%) saw no change in overseas sales, and almost a quarter (24%) reported a decrease
- Just over a quarter of exporting SME firms (26%) saw their overseas sales increase in Q2
- SME Manufacturers fared slightly better as 30% saw an increase, with the services sector at 23%
- The last time more than 30% of firms saw increased export sales was in Q4 2018
Boosting exports is key to the UK’s future economic prosperity, but firms of all sizes are facing a wide range of stumbling blocks. These include inflationary pressures, a restructuring of global supply chains and a continuing flow of new requirements from the EU trade relationship.
The BCC’s newly revised Trade Manifesto, supported by logistics company WTA Group, sets out a comprehensive list of steps to get more UK businesses, currently just 10%, involved in international trade.
It builds on other recent research by the BCC that found:
- 54% of businesses say smoother customs procedures are the key to boosting UK exports
- 42% favour lowering tariffs, while 35% said there is a need to reduce regulatory barriers, and 29% want better support for smaller businesses
Source: British Chambers of Commerce.