The level of goods exported to countries which are not within the European Union reached record levels in January this year. The exportation of goods to countries like the US and China reached £12.9 billion, an increase on December’s figure of £12 billion. Although there is still a higher level of imports than exports, the exporting of goods to countries outside the EU reached their greatest level since 1998 when records started.
The boost in exports came as the UK sold more cars to non EU countries, with China, Russia and the US importing more British cars. The news will be welcomed by George Osborne, who will be delivering the Budget on 21st March. The chancellor is currently relying on companies in the private sector to help the country through a time of austerity, especially the export and manufacturing sectors.
An event earlier in the year was hosted by the Minister for Trade and Investment, Lord Stephen Green, organised by South West Chambers of Commerce, UK Trade & Investment with HSBC as sponsors. The National Challenge: Exporting for Growth event is an initiative which tries to encourage SMEs to move into exports, increasing their numbers from 20 to 25 percent. Lord Green said:
“Our future prosperity will not come from relying on domestic markets alone. Across the world there are markets showing strong, long-term growth. We want to make sure that UK firms are not just trading abroad but thriving there.”
Making the move into exportation should form part of a financial strategy and long term aim, planned with the help of a small business accountant.