Research by the Royal Mail has uncovered where the UK’s small to medium-sized enterprises (SMEs) are looking to most in the world to expand exports and overseas shipping, and Australia has come out on top.
According to the study of 300 small export businesses, UK companies left rattled by the prospect of the exit of Britain from the European Union are turning their attentions to other English-speaking countries with affluent consumers.
It’s a big change in just a year – with just five per cent last year saying that Australia and other surrounding countries held the biggest opportunities for growth in export sales, while this year 25 per cent saw it as a promising venture.
While Europe still remains Britain’s most valuable export market, it is one that is slowing, according to the Telegraph, and with some of the effects of the Brexit from the EU still unclear for some businesses, they are choosing now as a time to diversify their offerings to ensure their longevity.
As the 12th largest economy in the world, and one that has been in growth uninterrupted for the last 24 years, it’s no wonder more businesses are targeting its wealthy consumers. In fact, Australia’s GDP makes its citizens among the world’s top five wealthiest, according to the Gov UK website.
The level of export goods and services from the UK to Australia has been steadily on the rise over the last ten years, with an increase of 63 per cent in between 2007 and 2013. In 2014, the top export from the UK was cars, medicine and industrial machinery, however, products such as clothing and beverages were also prominently in the top ten.
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