International Trade – insights from our 2024 Trading Places report
“Despite difficult trading conditions globally, SMEs remain cautiously optimistic, focusing on opportunities ahead. Half of those who export and a similar proportion of importers (45%) believe sales volumes will increase over the next six months. Further still, 52 percent of exporters are actively seeking partners in new markets.”Michael McGowan, Managing Director, Bibby Foreign Exchange
Our findings
In December ‘23 we spoke to 500 UK-headquartered businesses that import and/or export goods and services overseas.
Five years on from the publication of our first Trading places report, we see a shifting picture. Brexit continues to pose challenges and whilst SMEs remain cautiously optimistic about opportunities ahead, global trading conditions are tough.
The research highlighted that currency volatility is taking its toll on profitability. On average, businesses had been impacted by currency fluctuations to the tune of almost £80,000 in 2023.
This is something that we at Bibby Foreign Exchange can help with. If you need to make international payments, our foreign exchange services can lock in a rate for a future date as well as supporting with immediate trading needs.
If you need to ensure stability of cashflow for your export business, our Export Finance solution could help to bridge the gap between raising an invoice and getting paid. Learn more about Export Finance.
