Small business owners who export their goods internationally believe that sale figures will increase within the next 12 months, according to new research from Clydesdale and Yorkshire Banks.
The lending firm conducted a study in which they spoke to hundreds of small business owners about exporting goods and services abroad.
The survey suggests that over 350,000 SMEs will start exporting their goods internationally over the next year. International sales are already a big money maker for most small businesses, with 22 per cent annual turnover for some SMEs coming from selling goods and services abroad.
The research should come as good news for many small businesses that have struggled to generate revenue overseas. In recent years, pound sterling has not measured well up against the euro; with €1 being valued at approximately 87p during August 2013. In March of this year, €1 was valued at 70p.
Businesses operating in London and the East Midlands are more likely to start exporting, with 12 per cent of businesses in the regions to start selling abroad between now and 2016.
There are certain types of small businesses that intend to start exporting soon, including construction (11 per cent), transport (11 per cent) and food and drink (14 per cent) SMEs.
Microbusinesses tend to shy away from exporting its goods, whereas organisations that contain a workforce of around 100-250 employees are more likely to test itself in a foreign land.
Clydesdale and Yorkshire banks have partnered with the British Business Bank under its ENABLE guarantees scheme. The banking firm has put aside £125m worth of new fundingfor small businesses that need help in getting their exporting business off the ground.