The US is top of the list for UK small businesses to trade with outside of Europe, a study carried out by the Federation of Small Businesses (FSB) has revealed.
The research showed that 59% of small exporters in the UK sell goods to the US; 44% sell to Australia; and 36% sell to Canada.
Additionally, 32% of small importers stated they purchase goods from the US.
The FSB stated that small firms’ success in the global market will be ‘fundamental to attainment of the UK’s growth plans’ and urged the government to bring down trade barriers facing small businesses.
Tina McKenzie, Policy Chair at the FSB, said: ‘The US is the UK’s biggest individual trading partner in the world. Our research further shows the importance of closer US-UK trade relations to the small business community.
‘While many UK small businesses are already active in the US, our members also tell us the US is the No.1 market that they want to enter in the future. We want to support resilience and growth for SMEs by ensuring they get a bigger piece of this pie.
‘Too often the debate on international trade is focused on big corporates. In reality, it’s our small importers and exporters that spur local economies. That’s why the interests of small firms should be at the heart of any trade discussions and politicians must create a better, more small business-friendly conditions to help SMEs achieve their trade ambitions on both sides of the Atlantic.’