The results of an international trade survey carried out by Suffolk Chamber of Commerce’s national body show that over a third (36%) of UK businesses plan on putting more resources into exporting to the European market over the next five years.
The results of the British Chambers of Commerce’s (BCC) survey, based on the responses of nearly 1,500 businesspeople, show that the UK companies surveyed continue to regard Europe as an important trading partner. Around three-quarters of respondents currently sell (76%) and source (73%) goods and services in the EU market.
Europe also remains the market where the higher percentage of businesses (18%) is planning on allocating more resources to sourcing products and services from.
Responding to a question assessing whether the EU referendum has influenced their approach to exporting, nearly a third (31%) of businesses surveyed are looking to export more. The majority (65%) say the EU referendum hasn’t changed their strategy for importing, while 15% say that they are interested in sourcing more internationally. However, there are signs of caution, with 13% looking to source less internationally.
David Redhead, board member of Suffolk Chamber International, part of Suffolk Chamber, said “these survey results broadly tally with our recent experiences. More local businesses than ever before are looking to either export for the first time or to expand the scale of their international operations.”
In response, Suffolk Chamber International has stepped up its support by offering a range of training courses, a free exporting self-assessment tool and consultancy advice. For more information go to: https://www.suffolkchamber.co.uk/suffolk-chamber-international/
Thinking about future trade arrangements with Europe, UK companies surveyed consider the issues of tariffs; non-tariff barriers; and product standards, certification and compliance as the three top priorities for resolution in talks on a Brexit deal.