Depressed consumer and public spending has led increasingly to businesses needing to look beyond their boundaries for new growth opportunities. The emergence of a global economy makes this not only feasible but a necessary strategy.
Our latest goods exports study reveals that while UK goods exports are growing – they are not growing fast enough. The forecast shows just 0.3% annualised growth in UK goods exports to 2017, far behind the 1% European average.
However, one emerging trend for the UK is the significant growth of the West Midlands goods exports, which is forecast to grow by 8.1% from 2012 to 2017. Meanwhile, the largest UK goods exporters, London and the South East, are failing to match this rapid growth.
There is indication of some buoyancy in the UK goods exports market. Companies need to develop a long term strategy to capture this growth, and we see moving the UK to a more export-oriented economy as a long term play. We will not achieve overnight success, but we can commit to doing things differently right now to ensure UK business succeeds on the global stage.
At EY we are committed to helping our clients find new market opportunities and grow their business cross-border. We see both a responsibility and an opportunity to support national efforts to boost our export performance and build on our competitive advantages in the UK around attracting increased inward investment. We are keen to work with Government, UK Trade & Investment and the CBI to create the right regulatory environment and market conditions for UK businesses to compete effectively and succeed internationally.