Lloyds Bank Commercial Banking marks the start of Export Week
PUBLISHED: 10:12 10 November 2015 | UPDATED: 10:12 10 November 2015
To mark the start of Export Week, Lloyds Bank Commercial Banking has released a snapshot of export activity among small and medium sized businesses across the manufacturing sector
• Export levels are solid, with almost three quarters [71 per cent] of firms currently selling their goods or services abroad
• For those already trading internationally, the activity on average generates almost half [43 per cent] of their total sales turnover
• At the close of H1 2015, more than half [57 per cent] of manufacturers forecast an increase in their export activity during H2. This may in part be driven by concern over weakening domestic demand for products and services, which a quarter [26 per cent] of manufacturers said was a worry
• 35 per cent predicted their export levels would remain the same, while seven per cent forecast a decrease during H2
Despite recent turbulence, the Eurozone continues to be a key target market for manufacturers, with 45 per cent of businesses increasing exports to the territory
Sales to the US and Canada, and Asia Pacific are also set to increase by 35 and 32 per cent respectively.
Establishing or scaling-up export activity can be a daunting prospect for businesses, but the benefits are many – as the manufacturers already trading overseas can testify. We are working with UKTI, through a strategic partnership, to support small firms’ export ambitions and provide insight, and support.
David Atkinson, Head of Manufacturing, SME Commercial Banking at Lloyds Banking Group said to underline our commitment to boosting international trade, we’ve pledged to grow our provision of trade finance to SMEs by 25 per cent. Lloyds Commercial Banking would encourage all businesses looking to develop their export strategy to get involved in one of the many excellent Export Week events being run across the UK.
For more information on the Export Week events being run across the UK, visit: www.exportweek.ukti.gov.uk