Exports set to grow over next year
Updated 12:36pm Wednesday 2nd July 2014 in Business news
BUSINESS in North Yorkshire are set for an overseas sales push according to new research which suggests a rise in exports over the next year.
A survey conducted by Yorkshire Bank among small and medium-sized enterprises (SMEs) enterprise in the country found businesses are focussed on international growth and plan to start exporting or increase their overseas sales, buoyed by improving economic conditions at home.
The research revealed only 56 per cent of North Yorkshire SMEs sold goods or services to overseas customers in the last 12 months.
For those who do export, overseas sales account for 25 per cent of their turnover at present. Over the next 12 months the expectation is that overseas sales will grow to 29 per cent.
In the next 12 months, 43 per cent of the businesses in North Yorkshire surveyed said they are more likely to start or increase their sales to overseas customers.
Of the 44 per cent of North Yorkshire businesses who don’t export overseas, apart from the 63 per cent citing their products not being suitable for export, the threat of too much red tape (8 per cent) and the lack of time required to expand (8 per cent) are the biggest barriers to overseas expansion.