Research by HSBC shows that UK businesses are experiencing a surge in trade with the US. Payments from UK firms to US counterparts rose by 23% in the year to June, while payments from the US to the UK increased by 13%. The analysis shows that one-third of UK businesses gained new US customers, with 37% reporting revenue growth. HSBC’s head of global trade solutions, Stephanie Betant, noted that the UK’s service-oriented economy has helped mitigate the impact of US tariffs on goods.
iBoss Comment:
Anything that boosts UK exports has to be encouraged even though, in this case, the value of our imports from the US still outstrip our exports. With the Trump Government laying such emphasis on increasing the US manufacturing base, exporting UK goods will not get easier but will not be impossible. Selling them services from UK-based should, however, be relatively easier. As we have mentioned in previous Posts, businesses looking to export should also be looking at other potential markets rather than just concentrating on the US!
If you think export may be an option for you to expand your business, but need some practical advice then contact us at iBOSS and request our free consultation. Simply call Peter on 07770 866955, e-mail to Peter@theiboss.co.uk or complete the enquiry form on our web site www.theiboss.co.uk.