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UK businesses are a force to be reckoned with on the global commercial stage.
Government statistics from the Department of Trade show that in 2018, the UK imported USD669.6bn of goods from around the world, 4.4% of total global imports. Of those, 53.7% came from the EU, 21.6% from Asia and 11.9% from Northern America.
When it comes to exports, the UK has yet to realise its potential. UK businesses that export grow almost twice as fast as those with only domestic markets, according to research by Capital Economics for UK Export Finance.
An estimated 19% of UK SMEs have the potential to export but do not, despite a YouGov survey showing that 42% of exporters increasing profits by up to 20% and a further 9% reporting an increase over 20%.
The import and export of goods can create risk and put pressure on costs and prices due to fluctuating currency values and the resources required to manage the process. However, there is still an opportunity for SMEs to grow across the globe and increase profitability in the long-term.