The majority of the United Kingdom’s small and medium exporters are targeting the US market, according to a new survey from Barclays Business. Identifying the top UK export destinations, the study found that 55% of small and medium-sized exporters are selling exports to America, with France the second biggest market (53%) and Germany third (51%).
In addition, business growth was shown to be the main reason driving businesses to export, with a third of small and medium companies having stated that they wished they had started exporting sooner.
The findings also suggest an inability for UK firms to take advantage of BRICS nations (Brazil, Russia, India, China, and South Africa) with none of the areas featured in the top 10 export markets.
The UK’s top 10 export destinations are: USA (55%), France (53%), Germany (51%), Spain (42%), Netherlands (39%), Italy (37%), Canada (33%), Belgium/ Luxembourg (31%), Sweden (29%), Australia (26%).