By Ian Harrison, Head of Exports – Department for International Trade (Midlands)
With a global commercial reach that extends into over 100 countries, the Department for International Trade (DIT) is the Government Department that supports UK businesses in their internationalisation.
Our mission is simple and that is to:
• Help businesses export
• Drive inward and outward investment
• Negotiate market access and trade deals
• Champion free trade across the world
The region also sits within the Midlands Engine which is a Government initiative bringing together the West and East Midlands as an engine for growth for the UK economy. The Department and a key partnership in this growth runs events and trade visits to enable businesses to export more goods and services and grow their overall productivity.
Across the UK £572 billion products and goods are currently being exported to countries across the world including the USA, Germany, Netherlands and France. Exporting can be hugely beneficial for your business, facilitating a huge growth in revenue. Now more than ever businesses need to consider alternative ways of generating revenues and trading in international markets can be a valuable source of innovation and profit.
Find out below how exporting can benefit your business and enable business growth.
Minimise Business Vulnerability
Exporting to multiple markets allows you to develop various streams of revenue and minimise the risk of market downturns affecting your business. Exporting enables companies to reduce their vulnerability to any individual market fluctuations. In turn, your business becomes more stable and secure and can continuously build a steady flow of profit. Businesses that trade internationally tend to be more resilient to economic shocks on the whole than those that do not.
Leverage Demand For British Products
According to the latest research from one of the big four banks, 60% of consumers in India, 63% in China and 56% in UAE are prepared to pay more for goods from the UK. Demand for British goods across the world has never been higher and ‘Made in Britain’ can serve as a useful marketing tool alongside the Department’s GREAT Campaign for overseas markets. International consumers feel that products exported from the UK are guaranteed to be high-quality.
Gain A Competitive Advantage
It’s not easy trying to grow your business and stand out in our competitive domestic marketplace. Having an international reach will bolster the profile of your business within the UK, giving you an edge over other businesses. You’ll be exposed to a wider net of contacts and can use those opportunities to strengthen your business’ profile.
Reach More Consumers
Through exporting you can increase the number of consumers that your product or service is marketed to. By finessing your global marketing technique and tailoring your strategy to specific markets your business can be attractive to a much larger range of people. If you offer a niche product or service, then this can be a huge factor in driving profits.
Tap Into DIT Support
Exporting need not be an intimidating concept; the DIT exists to provide businesses with the support and guidance needed to get started exporting. We can provide you with a personal International Trade Adviser who will offer expert advice on market selection, new business leads, e-exporting, language and culture, grants to support internationalisation and a range of other topics.
Get In Touch With Your Local International Trade Adviser (ITA)
We have an experienced team of International Trade Advisers ready to help you become a global success story. These advisers have commercial backgrounds and are your local trade expert supported by the public purse. Please do get in touch today to discover the support you could receive to grow your business overseas.
See here for more information: www.great.gov.uk