Boosts of up to £4.4 billion for UK exports
New report says intermittent exporters could boost UK exports by an estimated £4.4bn per year.
The report, The Contribution of Trade to UK Prosperity’, by Lloyds Bank Commercial Banking and Aston Business School released last week shows the approximate boost the UK could gain.
The UK relies on superstar exporters which are the top 10% of exporters who account for 90% of all exports to remain as one of the top trading countries in the world.
Superstar exporters tend to be larger, more skills focused and pay higher wages, with concentration in the UK manufacturing and construction sectors.
Intermittent exporters are those companies who are inclined to vary exporting and are likely to change the products they export as well as who they trade with.
The report states how an estimated £4.4 billion per year could be added to the value of UK exports if just 10% of intermittent exporters could be encouraged to become continuous exporters.
Gwynne Master, Global Head of Trade for Lloyds Bank said: “Our new global position outside of the EU opens up a whole new world of opportunities for British businesses trading internationally.”
“However, this sits in parallel to the challenges brought about by new trading regulations and an economy that is expected to be in recovery mode for the majority of 2021 as a result of the global pandemic.”
“We believe more could be done to boost productivity and innovation by helping intermittent exporters re-enter international markets and expand exporting spells for longer, while further enhancing our role in the global value chain.”
Since the coronavirus pandemic spread globally last year exports saw a 17% decrease and 14% decline in imports in 2020.