Overseas expectations to double, says HSBC
The number of small and medium-sized businesses raking in the majority of their turnover from overseas trade is set to double over the next decade. That's according to research from HSBC.
The number of Midlands-based businesses which expect their main source of income to come from international trade is to rise from 5 per cent to almost 12 per cent by 2021, it found.
Research from HSBC said that foreign markets were seen as "a key opportunity" by most Midlands businesses. A third (33 per cent) said they wanted to take advantage of international markets, while 38 per cent said it would give them the chance to engage with a broader customer base.
A further 29 per cent said trading overseas would spread business risk.
Debbie Chilton, regional head of business banking Midlands at HSBC, said: "With our research showing that eight out of ten (82 per cent) of Midlands businesses are planning to trade internationally, it is important that they have the right skills on board.
"These businesses have told us that over the next year they see having financial management expertise and cultural understanding as crucial to developing their international trade."
