A study by the Federation of Small Businesses confirms that the US, which is already the UK’s largest trading partner, tops the list for UK SMEs to trade with outside Europe.
The new findings come after an FSB delegation to the USA held a series of engagements with senior officials from the US Small Business Administration and United States Trade Representatives.
Discussions were centered on trade opportunities arising from the Windsor Framework and the critical role and interests of small firms within any future trade agreements.
At the same time in London, FSB partnered with the Small Business Roundtable, a coalition of US small business and entrepreneurship organisations, to host a delegation of US senior government officials and business leaders at the Entrepreneurship Exchange 23 summit.
The US tops the list for UK small businesses to trade with outside Europe, with 59% of UK small exporters selling goods to the US, their most popular non-European export market, followed by Australia (44%) and Canada (36%).
The US is also the top sourcing market for UK small importers outside Europe, with almost a third (32%) buying goods from the States. China is placed the second (30%), just before India (9%).
Despite the positive outlook, nearly a quarter of SMEs have yet to begin selling overseas and many businesses that do export have experienced supply chain and logistical issues, increased paperwork and red tape.
For British businesses, exporting is integral to their success and international markets represent their best chance of transforming their business potential. It is essential that they find effective partners, like Metro, who can manage their exports effectively, to accelerate growth and unlock global opportunities.
Total trade in goods and services (exports plus imports) between the UK and United States was £279.2 billion in 2022, an increase of 23.7% on 2021.
Metro is committed to supporting UK exporters and doing all we can to help every business start or expand its export activity, regardless of size, sector or market.
While the United States is one of the easiest countries to do business with, unprepared companies can face significant hurdles when attempting to access the US market.
If you are thinking of trading with the United States, we can advise you on trade regulations, law and business culture and guide you through licensing and compliance requirements at federal and state level, so that you are prepared to access the US market successfully.
We are US experts, with daily import/export air freight services. We negotiate long-term and FAK contracts with shipping lines across all three alliances to secure space and rates, with full load container departure on the next vessel and regular LCL services.
With our network partners we provide National Custom Broker coverage, including same day Clearance and delivery available at many gateways.
EMAIL Elliot Carlile for more information, advice and guidance.