US named Top Small Business Export Destination

Importance of exporting highlighted as 37% of small and mid-sized businesses hit growth ceiling in the UK after three years

New findings released by Barclays named the US as the top export destination for UK small and mid-sized businesses, with 55% selling to the market.

The survey, which examined the most popular UK export destinations, revealed that the US was closely followed by France (53%) and Germany (51%). European countries dominated the list, with Spain (42%), Netherlands (39%), Belgium (31%), Italy (37%), and Sweden (29%) all present. However, Australia and Canada also featured in the top 10 list with 33% of small and mid-sized businesses exporting to Canada and 26% to Australia.

The report highlighted the important role of exporting for business growth as 37% of businesses reach a growth ceiling in the UK within three years. Those small and mid-sized businesses who are exporting report that 25% of their company’s growth is generated overseas and 33% stated that they wish they had begun to export sooner.

The report contributed to a growing concern for the lack of small and mid-sized businesses realising the potential in overseas marketsthe lack of small and mid-sized businesses realising the potential in overseas markets; of the businesses that do not export, 22% stated that they have plans to do so in the future but only 15% in the next two years.

Head of international business at Barclays, Steve Childs, commented on the report:

“Thinking about spreading your business’ wings to explore overseas trading opportunities can seem a daunting task on top of usual day to day responsibilities involved in running a business.

“But the case for exporting is strong– the growth opportunities speak for themselves.”

For more information on exporting, have a look at our sister site Startups.co.uk’s growing overseas section.Startups.co.uk’s growing overseas section.