British SMEs look to China for growth: survey

The export opportunities are located in the east.

A quarter (25%) of small and medium-sized enterprises in the UK expect future growth to come from China, having named the country as the biggest export market opportunity for business. This is followed by Europe (22%) and North America (18 %). China far outweighs the other BRIC nations with India (4%), Brazil (2 %) and Russia (1%).

This is according to the latest research from Western Union Business Solutions released yestreday, following a survey of over 1000 UK-based small and medium sized enterprises.

According to the survey, SMEs continue to internationalise trade; 35 % surveyed said revenue from international trade had increased over the past 12 months, generating 23% of SME business revenue. Nearly a third (31%) said their business’ international trade will increase in the next 6–12 months.

Christina Hamilton, UK managing director at Western Union Business Solutions says, “Today’s research is confirmation that UK SMEs are looking beyond traditional export shores to diversify their customer base. As expected, Europe and North America remain key trade partners for British businesses, but it is clear from our research that the UK’s SMEs are looking to engage with emerging economies, such as China, in order to maintain and grow their business revenue through exports.”