North East businesses are being urged to explore "a world of opportunity" by exporting their products.
A Lloyds TSB Commercial study says that only 33% of regional SMEs export, despite the fact that 88% of those that do have reported growth in foreign markets in the last 12 months.
John Robson, regional director for Lloyds TSB Commercial in the Midlands and the North, said: “There really is a world of opportunity out there for North East small businesses.
“ Many firms are turning overseas demand and a weaker sterling to their advantage as they seek to grow. Others are clearly missing a trick.”
The survey revealed only 9% of non-exporters planned to do so, citing concerns over late payments, a lack of resources and currency fluctuations.
However, 69% of exporters say exports now account for more than 20% of their turnover, while 94% expect exports as a percentage of turnover will rise or remain steady this year.
North America and China are main markets for 56% of exporters, but 6% are looking at China and the Far East and 13% eyeing up Africa and the Middle East.
Source: The Journal 2 June 2010
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