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Overseas trading by UK small businesses hits record high

The number of small businesses making foreign payments has reached a five-year high, new research has found.

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July 2013 was a record month for exporting UK businesses Credit: Photo: Rex

Britain’s SMEs are raising their export game, according to a poll of over 1,200 small firms by foreign exchange firm Moneycorp.

The data shows that the average number of international payments per small business in the second quarter of 2013 is up 22.1pc on the first three months of the year.

July was a record month for exporting UK businesses, with the number of foreign business transactions processed by Moneycorp exceeding the 3,000 mark for the first time.

“Increased international payments are welcome evidence that SMEs are internationalising, exporting and breaking into new markets,” said David Riches, commercial director at the British Chambers of Commerce, which helps British businesses manage foreign exchange risk.

And according to Moneycorp director Andrew Woolley, UK exports are set to increase yet further. “Today’s figures are evidence that British businesses are going global as part of our economic recovery,” he said.

“It’s no coincidence that a sharp increase in small business international payments accompanied the jump in GDP for the second quarter. With our traders handling a record number of foreign transactions in July, the stage looks set for further strong GDP growth in Q3.”