52% of UK small businesses identify Europe as biggest export growth opportunity
52% of UK small businesses see Europe as the international market offering the greatest opportunity for their business, according to new research from the Small Business Institute, released ahead of International Trade Week.
Recent government data shows that just 18% of SMEs export goods or services, highlighting missed potential for UK small businesses.
SMEs account for 99% of all UK businesses and around half of the private sector’s turnover.
The findings come as Prime Minister Andy Burham seeks to strengthen trading relationships with Europe, with new agreements, including eliminating controls on food and agricultural goods crossing the Channel and Irish Sea, expected to be progressed at the EU-UK summit later this month.
For International Trade Week (9–13 November), Small Business Britain, in partnership with the Department for Business, Innovation, Science and Trade, will host Great British Pitch Europe on 11th November, helping more UK entrepreneurs capitalise on opportunities in the European market.
The event will see 50 export-ready UK small businesses pitch live to a panel of European buyers across the food and drink, consumer and retail sectors. Entrepreneurs will receive tailored training and coaching before pitching via livestream and will also benefit from a comprehensive post-event support package.
The one-day event will also feature a Q&A with Josie Morris MBE, founder of WoolCool, sharing insights from the company’s experience and support in helping businesses trade with European markets.
Michelle Ovens CBE, CEO and Founder of Small Business Britain and adviser to the UK Government’s Board of Trade, said: “Europe presents a huge opportunity for UK small businesses, and it’s encouraging to see so many entrepreneurs recognising the potential for growth through international trade.
“However, it’s clear we still need to do more to create an environment where small businesses can trade successfully with Europe and beyond. International Trade Week is an important opportunity to put exporting in the spotlight. I’m excited to see what success comes out of Great British Pitch Europe as more small businesses continue to make a vital contribution to the UK economy through international trade.”
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