Trade Strategy Must Deliver In A Changed World
24th January 2025
The British Chambers of Commerce has submitted ambitious plans for the Government’s trade strategy as this new data shows UK SME exporters continue to toil.
- Results from the BCC’s Trade Confidence Outlook survey for Q4 of 2024 found that:
- More than a quarter (26%) of SME exporters saw overseas sales decline
- Just over half (52%) reported no change in their exports and less than a quarter (22%) experienced a rise.
- The proportion of firms increasing exports has remained at least 10 percentage points lower than for domestic sales since the pandemic and Brexit.
The British Chambers of Commerce has submitted ambitious plans for the Government’s trade strategy as this new data shows UK SME exporters continue to toil.
SME exporters are also facing an inflation crunch, as 56% expect their prices to rise, while 43% expect no change, and only 3% expect a decrease. The raft of cost pressures, coming particularly from employment and tax cost rises, is putting further stress on many.
The’s BCC’s Trade Strategy Manifesto sets out vital action the government should take to boost exports, and encourage inward investment, in a rapidly changing geo-political landscape.
It identifies how the UK can protect and grow its trade profile in a world of increased tariffs and protectionism, where the US, China and EU all loom large.
William Bain, Head of Trade Policy at the BCC, said:???
“If we get the trade strategy right then it could herald a new era of government and business co-operation, leading to stronger exports and higher economic growth.
“The prize is huge, but the pitfalls are many and we will need smart and agile action by politicians, businesspeople and policymakers.
“That means focusing on the fundamentals. We are already the second largest exporter of services in the world, these cannot be hit by tariffs, so we must lean into that natural advantage.
“We also need to leverage our skills in economic diplomacy; to build secure supply chains, expand digital trade, influence the debate on tariffs and form new partnerships to build consensus.
“Support for our SME exporters and encouragement to help them start selling overseas must also be put on rocket boosters.
“Over 40 per cent of Chamber members export due to the framework of support we place around them. This level of advice, training and guidance needs to be replicated across the land.
“We also have an edge on many countries in a range of sectors which must be promoted. These include advanced manufacturing, life sciences, climate technologies, pharmaceuticals, energy and construction.
“The next few years will be pivotal for the UK’s export success for decades to come. It is crucial the Trade Strategy puts us in the best possible place to deal with the challenges and take full advantage of the opportunities.”
The BCC’s Trade Strategy Manifesto sets out 29 recommendations across six areas – economic diplomacy, imports and supply chains, trade agreements, green trade, digital trade and export support.
Among the main recommendations are:
- Provide leadership on spreading digital trade across the world
- Give SMEs better support to export and promote their products
- Scale up green exports
- Forge strategic relationships with global trading powers and institutions
- Promote fast growing markets and sectors to secure long-term growth
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