Businesses must overcome export barriers to fulfil economic potential and secure future growth.
That’s the view of the Coventry and Warwickshire Chamber of Commerce on the back of results published in a major international trade survey highlighting the challenges faced by UK exporters.
The findings announced by the British Chambers of Commerce (BCC) at the International Festival of Business today (Tuesday July 15) reveal that while 90 percent of firms have ambitions to grow domestically, less than half are looking to expand their business overseas.
The survey also revealed more than half of current exporters (55 per cent) said they recorded a positive impact on their bottom line within just 12 months of expanding into new markets abroad.
And 75 per cent of exporters have traded internationally for more than five years while businesses exporting for up to two years only account for 11 per cent of current exporters.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said:“International export is seen as one of the main drivers of economic growth which means it is vital that we get the message out to businesses across Coventry and Warwickshire that they can do it.
“The BCC’s survey highlighted a number of barriers that are holding businesses back from going global.
“Domestic business is often deemed far simpler than international tradeand many non-exporters feel they do not have the right product or service for exporting.
“However if your goods and services can be sold domestically – there is every chance they can be sold internationally too.
“Operating globally can make sense for a large variety of businesses and there are huge benefits to trading overseas including increased customer base, substantial growth potential and a large market.
“We will be looking to work with the British Chambers of Commerce to overcome export barriers and unlock the potential of businesses across Coventry and Warwickshire.
“We have a team of UK Trade and Investment (UKTI) advisers based at the Chamber who can offer expert guidance on how to get started.
“They offer practical advice on all aspects of international business assisting companies taking their first steps into international trade as well as those who are seasoned exporters.
“It is important that we continue to promote and encourages overseas trade as it not only helps individual businesses expand, it also leads to more jobs opportunities and more money coming into the country.
“We are urging businesses across the region to make the most of the services of the UKTI team at the Chamber and to find out how they can grow through international trade.”