UK importers and exporters are feeling optimistic about their prospects for growth in the next 12 months, according to the latest survey by the Institute of Directors (IoD).
This found that 42% of businesses who trade internationally expect their exports to increase in the next 12 months (22% expect to decrease), while 27% expect to see an increase in imports (17% decrease).
Of those expecting a change to levels of trade, business leaders are anticipating that the UK economic pressures (64%), the trading relationship with the EU (60%) and the energy crisis (58%) will have the greatest impact on exports.
Similarly, respondents highlighted UK economic pressures (71%), the trading relationship with the EU (61%) and the energy crisis (61%) as issues for imports.
IoD Policy Advisor Emma Rowland said: “Businesses are clearly feeling the pressure from the wider economic environment and expect it to impact their imports and exports over the next year. That being said, we are encouraged that a higher number of firms expect their levels of international trade to increase than decrease.”
Asked how the Government can help facilitate imports and exports, 68% of respondents said that trade agreements which reduce tariff and non-tariff barriers would be the most beneficial while 28% think soft loans and grants would encourage greater levels of imports and exports.
“As businesses focus on growth for the next 12 months and beyond,” Ms Rowland said, “the Government must create an environment that makes importing and exporting as easy as possible. This means better assistance from local embassies and trade advisors, grants which support smaller businesses to expand abroad, and cooperation with the EU to put business first on both sides of the Channel.”
