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

Small Businesses Export Rates Hit Lowest Level Since Recession

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.”

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>