Over 75% of small to medium companies (SME) support the export led recovery in the UK. But the problems with the currency changes and knowledge gap are impacting their bottom line and confidence with exporting, according to information that was released today from a report by the American Express FC International.
Over 1,500 leaders of SME businesses in Australia, the United States and the UK were surveyed by International Trade Tracker and the majority of the SME leaders in the UK believe in an economic recovery driven by exports and over 80% of the Australians feel the same way and nearly 75% from the United States.
The UK seems most affected by red tape and currency changes and over 20% said they were going to decrease their activity in international trade because of their concerns with the economic climate and a number of different issues.
Both the Australians with 14% and the Americans with 15% are a bit more positive thinking than their British counterparts and the Tracker has revealed that over 37% of the SME’s in the UK say their confidence level for operating on an international level has decreased.
A great deal of this pessimism centers round the fluctuating currency which was the largest concern in all three regions. Of all the UK SME’s surveyed over 50% say their confidence levels decreased for international trading due to the Euro’s volatility.
These business leaders are risk takers but the risk involved with currency is one area they feel they do not have to be exposed in more if it means hesitating before undertaking additional business opportunities internationally.