European SMEs, apart from those in the UK, are increasingly using exports as a way to grow revenue, according to a UPS survey. The UK is an exception because confidence in exporting decreased following the EU referendum.
Prior to the Brexit vote results demonstrated that 36 per cent of UK SMEs foresaw an increase in exports – this dropped to 20 per cent after the referendum. According to the research, the UK was the second most export-intensive market after Germany, it is now in six place.
The research also found that SMEs that export grow faster than other businesses.
“In the SME sector, exporters report higher revenue growth and are more confident about future performance,” said Nando Cesarone, president of UPS Europe. “The 2016 study shows over half of those small business directors that exported products saw their revenues increase during the last three years. However, only 31 per cent of small business owners that did not export saw an increase.”