Small Businesses Export Rates Hit Lowest Level Since Recession
Business owner confidence is down as CBI data reveals that domestic orders have also taken a hit
UK small business export orders are at the lowest level since 2009, with domestic orders also down for the first time in two years – new research from the Confederation of British Industry (CBI) has found.
The data revealed that almost half (46%) of small businesses say their export rates have fallen, with only 10% of firms experiencing an increase.
Small business owners attributed the fall in exports to pricing constraints and 12% believe that export prices will continue to fall over the coming months.
The survey, which featured small business manufacturers, also found that small business confidence is down with 29% of respondents admitting they are less optimistic about the situation of their company.
The news comes with just one week until the UKTI-backed Export Week, which is a week-long event where the government organisation holds seminars and workshops to help businesses trade overseas.
CBI director of economics, Rain Newton-Smith, commented:
“As demand has fallen, especially in the face of a strengthening pound, our smaller manufacturers have had a tough quarter, with orders and output volumes dropping.
“Manufacturers expect conditions to stabilise somewhat over the quarter ahead, but remain concerned about the outlook for demand.”
