Brexit widens horizons for UK exporters
In the wake of the UK’s Brexit decision, businesses are turning their attention towards global opportunities, says trade credit insurer Atradius.
With uncertainty about the UK’s future trade relationship with Europe, businesses are showing increasing interest in the prospects of global, rather than purely European, trade.
Tom Danson of Atradius, the export expert, said: “Europe has long been an attractive trade partner due to its close proximity and EU trade agreements. However, UK export doesn’t need to be contained within these parameters. Opportunities exist across the globe and the horizons of UK businesses should not be limited by geography. Positively, talk of Brexit has already stimulated businesses to start considering new trade destinations.
“Made in Britain is an attractive label overseas and the devaluation of the pound currently enables UK exporters to compete financially with other suppliers. UK firms are well placed to realise growth by going global, capitalising on their products and services being perceived as more affordable. Forward-thinking companies could see orders increase from existing business as well as new opportunities from new customers in new countries.”
However, with new opportunities come new risks and Atradius is reminding businesses that it is important to be well prepared for trade in a new market.
Tom Danson continued: “With the right mind-set, preparation and protection, UK businesses are poised to take advantage of the wealth of opportunity that international trade offers. Both sales and credit risk management strategies must be tailored for each country and analysed for each business. This includes researching new customers to ensure they are financially robust to avoid the risk of non-payment and adhering to the different laws, cultures and trading customs within new countries. An eye must also be kept on the potential changes to UK trade policy and range of regulations which may hold both reward and risk in its grasp.”
To support businesses in their new export journey, Atradius offers a suite of free publications ranging from country reports and global sector trends to exporting guides. Atradius is also inviting businesses to meet its experts at the Going Global event at the London Olympia on November 17 and 18.
For more information visit www.atradius.co.uk or follow @AtradiusUK on Twitter.