Member Article

More than half of North East businesses ‘missing out’ on international growth from exporting

SMEs in Newcastle are missing out on the growth opportunities offered by trading internationally, according to new research by Lloyds Bank Commercial Banking.

The majority (60 per cent) of attendees at the ‘Backing Your Ambition’ event, held at The Assembly Rooms on Wednesday, said they are not currently exporting. 57 per cent of these firms have no immediate plans to do so.

Despite this, of the 40 per cent of firms that are already exporting, more than a quarter (29 per cent) said they believed trading internationally would enable them to create new, local jobs in the next two years.

For small firms in the city, more than two fifths (43 per cent) believe that regulatory advice is key to exporting successfully, whereas just over a quarter (26 per cent) believe market research expertise is essential in order to thrive in foreign markets.

This was followed by just under a quarter (23 per cent) highlighting the need for financial support.

Almost all (97 per cent) of those surveyed at the event said they believe that British products and services have a good reputation overseas.

Leigh Taylor, area director for SME Banking in the North East, Lloyds Bank Commercial Banking, said: “British products and services have an undisputed reputation on the international stage, and it’s important that small and medium sized businesses look to foreign markets to seek out opportunities to grow.

“Our research has identified factors such as financial backing and marketing advice as crucial to success when entering international markets, which is why it’s essential that firms have access to the right export support, tailored to their specific needs.”

This was posted in Bdaily's Members' News section by Ellen Forster .