# Keep calm and remain resilient: UK SMEs explore new markets as they look beyond Brexit Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-05-08 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: UK SMEs set to expand global footprint post-Brexit Meta Description: Discover how UK SMEs are expanding to new markets outside the EU, with 23% planning to export to a new country. Find out why more support is needed for global URL: https://financedigest.com/keep-calm-and-remain-resilient-uk-smes-explore-new-markets-as-they-look-beyond-brexithtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd080518-1-1-1736842761785-compressed.jpg) - **Latest figures from WorldFirst’s ninth quarterly Global Trade Barometer paint an optimistic picture for UK SMEs as they explore new markets beyond the EU** - **One in four (23%) SMEs plans to export to a new country in the next quarter with 30% of small businesses positive about international growth** - **The average SME made international payments of  £48,000 in Q1, up 5% year on year and the second highest amount recorded in over two years** - **Figures demonstrate SMEs Post-Brexit contingency planning continues with seven of the [top ten regions where payment](https://www.financedigest.com/the-year-ahead-top-payments-trends-to-watch-out-for-in-2022.html "The year ahead: Top payments trends to watch out for in 2022") volumes from SMEs increased located outside the EU** - **However, almost half (46%) are looking for further support to encourage them to trade internationally, with one in six calling for more [government assistance](https://www.financedigest.com/government-assisted-financing-schemes-for-small-businesses.html "Government Assisted Financing Schemes For Small Businesses")** **UK SMEs are gearing up for a new future of international [post-Brexit trade](https://www.financedigest.com/uk-housing-boom-may-derail-post-brexit-trade-dreams.html "UK housing boom may derail post-Brexit trade dreams") as more payments begin to flow outside of the European Union, according to the latest Global Trade Barometer from WorldFirst, the international payments expert.** According to the survey of more than 1,000 small and medium [sized businesses](https://www.financedigest.com/covid-19-is-impacting-the-high-speed-steel-market-size-business-revenue-forecast-leading-competitors-and-growth-trends-2031.html "COVID-19 Is Impacting The High Speed Steel Market | Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2031"), one in four SMEs is looking to export to a new country in the next quarter. Up slightly on Q1 2017, the figures demonstrate how UK [businesses have started to come to terms with the ongoing Brexit uncertainty and develop](https://www.financedigest.com/dan-hodgson-joins-verasity-as-director-of-business-development.html "Dan Hodgson joins Verasity as Director of Business Development") new trading partners beyond the European Union. The survey also found that 30% of small businesses are now positive about their prospects for international growth, a recovery of 5% from Q4 2017 when confidence was at an [all-time low](https://www.financedigest.com/sterling-plunges-to-all-time-low-in-scathing-appraisal-of-fiscal-plan.html "Sterling plunges to all-time low in scathing appraisal of fiscal plan"). **UK SMEs increase trade [outside EU markets](https://www.financedigest.com/outside-door-handle-market-analysis-trends-top-manufacturers-share-growth-statistics-opportunities-and-forecast-to-2027.html "Outside Door Handle Market Analysis, Trends, Top Manufacturers, Share, Growth, Statistics, Opportunities and Forecast to 2027")** For those SMEs currently trading internationally, business is booming. The average small business made overseas transfers of £48,000 in Q1 2018 as a result of international trade – up 5% on Q4 2017, and notably the second highest figure recorded by the [Global Trade](https://www.financedigest.com/global-stocks-trade-higher-at-the-end-of-a-volatile-month.html "Global stocks trade higher at the end of a volatile month") Barometer in over two years. Both importing and exporting to and from countries outside of the EU, in particular China and the United States, has [remained steady](https://www.financedigest.com/phenolic-resins-market-is-expected-to-remain-steady-and-grow-with-a-cagr-value-of-4-in-the-forecast-period.html "Phenolic Resins Market is expected to remain steady and grow with a CAGR value of ~4% in the forecast period") throughout the first quarter. Crucially, of the ten [markets that saw the largest growth](https://www.financedigest.com/multi-functional-point-of-care-testing-market-growth-analysis-opportunities-trends-developments-and-forecast-to-2028.html "Multi-Functional Point Of Care Testing Market Growth Analysis, Opportunities, Trends, Developments, And Forecast to 2028") in payments from UK SMEs in Q1 2018, seven are outside the EU including Turkey, Norway, Morocco, Singapore, Russia, Indonesia and the UAE. ![chart-1](http://www.financedigest.com/wp-content/uploads/2018/05/chart-1.jpg) **More [support needed](https://www.financedigest.com/hung-out-to-dry-smes-need-further-support-to-stay-afloat.html "Hung Out to Dry: SMEs need further support to stay afloat") to capitalise on global ambitions** After a year of negative headlines and downbeat growth projections, many small businesses are now beginning to seize global trade opportunities. Despite this more confident outlook, almost half (46%) of those surveyed felt that some form of external support would encourage them to export more. Specifically, nearly one in five (18%) are looking for support to find international partners, while 17% want to see the government do more to help them trade overseas. **Forging a new way** In addition to calling for greater support, UK [SMEs are also exploring alternative](https://www.financedigest.com/putting-smes-first-the-alternative-to-the-overdraft.html "Putting SMEs first: the alternative to the overdraft") ways to do business to achieve their international trade aspirations. Almost one in ten (9%) small businesses have or are considering switching from their traditional bank to a fintech provider for their FX [transfer needs](https://www.financedigest.com/how-to-choose-the-right-service-for-your-international-money-transfer-needs.html "How to choose the right service for your international money transfer needs"), while only one in five (22%) have no plans to consider a new way of handling their international finances at all. ![chart-2](http://www.financedigest.com/wp-content/uploads/2018/05/chart-2.jpg) **Jeremy Cook, Chief Economist at WorldFirst, said:** “It is promising to see so many UK SMEs starting to look past their Brexit blues and [develop coping strategies](https://www.financedigest.com/yves-mirabaud-says-we-are-on-track-with-our-development-strategy.html "Yves Mirabaud Says “We are on track with our development strategy”") to push their exporting aspirations forward. “The UK government has not been shy in promoting the benefits of building a nation of exporters over the last year, but this survey shows that more needs to be done to [support our smaller businesses](https://www.financedigest.com/factbox-reaction-to-uks-energy-support-package-for-businesses.html "Factbox-Reaction to UK’s energy support package for businesses"). “These SMEs will be our [global exporting pioneers post-Brexit and it is vital that the Government and wider industry](https://www.financedigest.com/anti-microbial-nanocoatings-market-global-industry-analysis-size-share-growth-trends-and-forecast-2025.html "Anti-Microbial Nanocoatings Market Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2025") does all they can to support them. This could mean anything from facilitating connections between UK small [businesses and foreign](https://www.financedigest.com/foreign-business-travel-missing-ingredient-for-irish-hotel-recovery-dalata.html "Foreign business travel missing ingredient for Irish hotel recovery – Dalata") counterparts, to offering advice and training on how to do business and communicate with international trading partners.” **[Business prepares](https://www.financedigest.com/the-importance-of-upskilling-to-prepare-for-business-automation.html "The importance of upskilling to prepare for business automation") for international risk** This new found optimism is echoed by WorldFirst’s own data on client hedging behaviour which identified an increase in contracts across six of the eight most popular [currencies traded](https://www.financedigest.com/currency-trading-in-a-spin-after-polish-explosion.html "Currency trading in a spin after Polish explosion") through the business in Q1. This increase in activity suggests that as SMEs look to do more business internationally they are also looking to protect themselves against any potential currency fluctuations. UK SMEs were also found to be diversifying their [business in emerging markets](https://www.financedigest.com/autonomous-vehicles-market-emerging-growth-analysis-future-demand-and-business-opportunities-2026.html "Autonomous Vehicles Market Emerging Growth Analysis, Future Demand and Business Opportunities 2026") with countries in Eastern Europe, Africa and the Middle East experiencing big increases in payments from the UK. **Jeremy Cook added:** “UK [SMEs are continuing to look beyond](https://www.financedigest.com/looking-beyond-lockdown-the-new-opportunities-for-smes-in-a-post-pandemic-world.html "Looking beyond lockdown: the new opportunities for SME’s in a post-pandemic world") Brexit and refusing to shy away from international trade. By looking to do deals in [emerging markets](https://www.financedigest.com/allergy-immunotherapy-market-emerging-players-may-yields-new-opportunities-2017-2025.html "Allergy Immunotherapy Market: Emerging Players May Yields New Opportunities 2017-2025"), these businesses are clearly keen for new ways to inspire growth through global expansion and are taking opportunities as they come. “2017 may have been a year of stagnation for many small [businesses but if the trends](https://www.financedigest.com/animal-drug-compounding-market-trends-business-strategies-and-opportunities-with-key-players-analysis-2030.html "Animal Drug Compounding Market Trends, Business Strategies and Opportunities With Key Players Analysis 2030") from Q1 continue, 2018 is setting itself up to be a year of ambition for British businesses.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---