Research from the British Chamber of Commerce and DHL Express has found the UK’s export service is at a record high of confidence. The BCC/DHL Trade Confidence Index found that 72% of businesses expect to see their turnover increase this quarter. This is the highest rate on record.
There is also good news in regards to employment. 34% of exporting firms are also expecting to take on more staff, which chimes in with research conducted by PriceWaterhouseCoopers that found two thirds of British firms were expecting to bring in new employees.
Despite this confidence, export volume dropped by 3.1% this quarter compared to the same one in 2013. There was also still a drop in comparison to last quarter, but only of 0.9%.
In general though, businesses are confident and looking ahead to the Government’s target of increasing exports to £1trillion by 2020. There is still work to be done though to get into fast-growing foreign markets.
Speaking on the report, the Director General of the British Chamber of Commerce, John Longworth, said that “the confidence of our exporters is at a new high. This counts for a lot, as it shows ambition and willingness for businesses to export even more in 2014.”
He was still wary of the distance still to be covered to reach the £1trillion target though. “We cannot afford to sit back and expect exports to increase without dedicated hard work and support – not if we are to reach the government’s target”.