UK Trade & Investment West Midlands has launched a new drive to boost exports from the region.
Doug Mahoney, regional director, believes too many firms wrongly believe that the effort, time and funds they may have to invest, wouldn’t be worth the return.
Independent research was commissioned into this recently and the key findings were:
n 58 per cent said that exporting led to a level of growth not otherwise possible for their company.
n 59 per cent developed or modified a product as a result of doing business abroad.
n 44 per cent reported a direct link between exporting and increased turnover.
n 44 per cent said exporting significantly increased their profile/credibility.
n The creation of an overseas presence led on average to the creation of a further 3.5 jobs.
And despite the doom and gloom in the Eurozone UKTI is not suggesting companies dismiss Europe altogether. “There are still flourishing markets in certain sectors and we are certainly continuing to provide trade missions to key European markets,” he said. “However, we are also encouraging firms to look further afield.”
About a third of all SME exporters already export outside Europe. The survey shows that 40 per cent of ‘young’ exporters are doing business with at least one high growth market outside Europe. A further 25 per cent say they are “ very likely” to take a step into a high growth market in the next two years.
In order to help SMEs find out more about overseas markets that may be of benefit to them, the UKTI has its own Market Visit Support service with a series of trade missions planned to countries like Brazil, India, China, Australia, USA, Japan and Singapore. For information, call 0845 074 3515 or email email@example.com.