Research from the Institute of Directors (IoD) has found that UK businesses expect to see an increase in exports over the coming months despite continuing challenges in the international trading environment.
In a recently published report entitled ‘Restoring Confidence in Cross-border Trade’, the IoD provides an insight into business leaders’ experiences of the current trading environment. Among its key findings was that 42% of UK businesses that trade internationally expect to see an increase in exports over the coming year compared with only 22% who expect a decrease, suggesting net optimism over future trading prospects.
The report, however, also revealed that 47% of businesses are still finding Brexit challenging, with only 33% envisaging any opportunities materialising as a result of Brexit. In addition, 28% of firms said supply chain disruption was still having a negative impact on their business.
IoD trade policy adviser Emma Rowland said, “There is no doubt that smaller businesses in particular are finding the current international trading environment challenging. Importers and exporters feel especially constricted by the UK’s new trading relationship with the EU. It is therefore encouraging that, in spite of these barriers, businesses are anticipating an increase in exports over the coming months.”