The United States tops the list for UK small businesses to trade with outside Europe, according to new research by the Federation of Small Businesses (FSB).
A majority (59%) of UK small exporters sell goods to the US — their most popular non-European export market — followed by Australia (44%) and Canada (36%), the FSB has revealed.
The US is also the top origin market for UK small importers outside Europe, with more than a third (32%) saying that they buy goods from the States with China (30%) in second place.
The findings were released as an FSB delegation concluded a five-day visit to Washington DC where they met Joseph Kennedy III, the US Special Envoy to Northern Ireland for Economic Affairs, and senior officials from the US Small Business Administration and United States Trade Representative.
The discussions centred on trade opportunities arising from the Windsor Framework and the critical role and interests of small firms within any future trade agreements.
At the same time, in London, the FSB partnered the Small Business Roundtable, a coalition of US small business and entrepreneurship organisations, to host a delegation of US senior government officials and business leaders at the Entrepreneurship Exchange 23 summit.
FSB Policy Chair, Tina McKenzie, said: “Too often the debate on international trade is focused on big corporates. In reality, it’s our small importers and exporters that spur local economies. That’s why the interests of small firms should be at the heart of any trade discussions and politicians must create a better, more small business-friendly conditions to help SMEs achieve their trade ambitions on both sides of the Atlantic.”
She also welcomed the news that President Joe Biden will visit Northern Ireland for the 25th anniversary of the Belfast/Good Friday Agreement in April, suggesting that this represents a huge opportunity for a reset in relationships between the US, UK and EU.
