A new government review will consider how the UK can encourage
and support British businesses to take advantage of the huge
potential to grow exports Minister for Trade and Exports,
Baroness , announced today.
The Export Strategy review, led by the Department for
International Trade (DIT), will work
closely with businesses, and across Whitehall, to explore the
barriers to exporting and identify the best ways in which
government can help drive and support UK companies to increase
exporting activity and unlock high potential opportunities
overseas.
has also launched a
new UK Export
Finance (UKEF) product for UK exporters and their supply
chains. It will ensure exporters have more time to pay for
supplies of goods and raw materials, while helping smaller
companies in export supply chains secure early payment to support
their cash flow.
Exports rose by 13.6% to £602 billion in the latest year on year
figures, but with only 9% of British companies exporting, there
is huge scope for more businesses to reach new customers by
meeting demand for UK goods and services overseas.
Almost 300,000 UK companies produce goods and services that could
be exported, but have no overseas sales. The new strategy will
encourage these businesses to identify opportunities for export,
and prepare them to win international contracts.
In the coming months DIT will work
with industry to understand the challenges faced by UK firms,
increase awareness of export support and finance that is already
available, and explore how this can be improved.
Minister of State for Trade and Exports, Baroness said:
UK exports are going from strength to strength, but the
potential for further growth is huge, particularly as only 9%
of UK businesses currently export.
The Export Strategy review will draw on expertise from across
government and the private sector, helping us to understand how
best to support British companies to take advantage of
opportunities in overseas markets. Throughout the process, we
will look for significant input from UK businesses, both large
and small, to ensure we develop a strategy that meets their
needs.
In the last financial year, UKEF provided £3 billion in support
for 221 companies’ exports; improving awareness and understanding
of how export finance can help prospective exporters to compete
globally will allow even more to benefit.
In last week’s Budget, the Chancellor announced that, in addition
to new products from UKEF, the government will launch a campaign
to promote the support they provide through the ‘Exporting is
GREAT’ campaign.
The flagship great.gov.uk export
platform, which was launched 1 year ago, lists thousands of
export opportunities for UK companies worth millions of pounds.
It also puts firms in touch with global buyers at the click of a
mouse. Since its launch, great.gov.uk has promoted 11,400 export
opportunities, and helped around 2.7 million users either begin
or grow their exporting journeys.
