More than 63 per cent of British small and medium sized enterprises (SMEs) are exporting and making a significant contribution to rising international trade by taking advantage of declines in the value of the pound, according to new research.
The FedEx SMEs Export Report shows export revenues contribute 59 per cent of these SMEs' total revenues, with a third predicting revenue growth to increase over the next 12 months.
Eighty-six per cent of exporting SMEs trade within Europe and 63 per cent export further afield. The USA is the top export market outside Europe, with 38 per cent firms doing business there.
The digital economy is seen as an essential enabler allowing SMEs to take advantage of international opportunities, with many increasingly embracing new technology and processes. Chief amongst these is e-commerce, which has already proven its worth as a serious driver of growth - more than eight in ten (81 per cent) of exporting SMEs generate revenue through this platform and almost a third (30 per cent) have reported increased revenues over the last 12 months.
"SMEs have once again shown that they can act as the guiding light for Britain as it enters its new economic chapter," said Ed Clarke, managing director, UK Ground Operations, FedEx Express.
"It's promising to see exports could be having a positive impact on the UK economy. To continue this upward momentum, governments and businesses across the world should play an increasingly important role to align SMEs exporting ambitions with the digital economy - providing more opportunities to reach new markets and customers."