Existing regulations and problems around accessing credit are hindering export growth in the UK, research finds.

Existing regulations and problems around accessing credit are hindering export growth in the UK, research finds.

A survey of more than 8,000 businesses by the British Chambers of Commerce (BCC) shows that nearly two thirds of potential exporters (63 per cent) see access to finance issues as a reason not to trade overseas, while a quarter of companies believe that red tape, such as that associated with export licenses, is a barrier.

Nearly three quarters of companies that are already exporting don’t have an export strategy in place, while nearly half (44 per cent) say they would be more likely to consider exporting if sales revenues deteriorated.

More than half of companies that are already exporting say they would look to increase exports further if faced with a deterioration in domestic market conditions (56 per cent).



While many large exporters lack a formal strategy, there is a clear size divide which shows that small and medium-sized enterprises (SMEs) are even less likely to possess one (42 per cent of SMEs have one compared to 15 per cent of microbusinesses). 



The results showed a willingness from firms to adapt their products and services to suit overseas markets, but almost half (49 per cent) of exporting companies say they had become exporters by accident after being approached by potential buyers from overseas.



BCC director general John Longworth says, ‘There are still not enough of our great British businesses taking their products overseas. These results show that many firms lack an export strategy, and many only became exporters by chance.

‘We need to find ways to make our businesses think global, and provide them with the support they need to break into new markets. Not only will this help to boost the UK economy, but it will show the world that Britain remains a major global competitor and a nation to do business with.’

See also: SBS must go, says BCC