Just 22% of small and medium-sized traders saw their overseas sales rise in the third quarter (Q3), compared to 27% in Q2, and, while 54% saw no change, 24% reported a decrease.
These figures are reported in the latest Trade Confidence Outlook, conducted by the Insights Unit at the British Chambers of Commerce (BCC) and based on a survey of just under 2000 UK SME exporters.
This also shows that the position for advance orders is even less optimistic with 19% of SMEs reporting an increase, 56% no change and 25% a decrease.
By contrast, domestic demand for SME exporters remains consistently more buoyant, with 32% reporting an increase in domestic sales in Q3 2024, against 22% for overseas sales.
BCC Head of Trade Policy, William Bain, said:“While the UK economy made a brighter start in 2024, it’s an increasing concern that this is not translating into a better performance on exports for our SMEs. It’s also alarming that our research shows the services sector is experiencing a harder time than manufacturers, as it has been the UK success story since the pandemic.”
The BCC sees the possibility of brighter times ahead with significant trade negotiations restarting, the UK’s imminent accession to the Pacific region’s largest trade bloc, more focus on digital trade and a commitment to an improved EU trading relationship.
However, Mr Bain warns that the Government, in implementing its Trade Strategy, will need to be “laser-focused” on addressing the issues which are holding back exporters of both goods and services.
British Chambers of Commerce
The British Chambers of Commerce (BCC) sits at the heart of a business network that spans the length and breadth of the UK, with links to markets across the world.
