Looking for new ways of generating more revenue is something every business does all the time. From introducing new services, to investing in innovation and cutting costs by outsourcing workforce. All these are great but at some stage of your strategy you may hit a brick wall and think “What’s next?”.
Exporting overseas is something more and more UK businesses are looking into. International trade is no longer a treat for the large enterprises only. A recent report by YouGov shows that six in every ten small UK based businesses will be exporting by 2016. With numerous initiatives to “double exports to reach a trillion pounds by 2020.”, going global is a serious step to growing company revenue.
Almost every industry is experiencing international growth, for example jewellery exports have grown with 33% in the past 12 months. Other industries that are consistently growing are organic chemicals, aircraft and spacecraft and fuels.
Jewellery includes all forms of precious stones, metals, coinage, cultured pearls and other.
Organic chemicals on the other hand include, vitamins, amino acids, carbohydrates, fats, oils, sugars, enzymes, hormones, proteins to name a few of the substances leaving Britain’s shores every year.
The export of aircraft and spacecraft machinery vastly outnumbers the import which shows the superiority and quality of the Britain’s craftsmanship regarding production, manufacturing and technology. That’s why it is one of the biggest exports from the UK.
One of the fastest growing exports, 22% up, in the past 12 months is mineral fuels. This includes mineral oils, mineral wax and products of their distillation.
Apart of these industries, there are other hot trends that SMEs have been tapping into last year. Are your friends “vaping”? Well, “vape” was named Oxford Dictionaries Word of the Year in 2014. The e-cigarette market is expected to be worth £340 million by 2015. It’s an industry that has been growing steadily year on year and provides a great opportunity for exporting overseas. There are many British brands at the forefront of the e-cigarette revolution, and also retailers such as Electronic Cigarette Shop.
Are you looking into exports? What’s your biggest challenge?
Topics: Getting Started and Market Research