This stagnant performance isn't new; it has been almost five years since the last time more than 30 per cent of firms reported an increase in overseas sales, dating back to Q4 of 2018. The findings reveal that the UK’s export scenario has been broadly static since the onset of the COVID-19 pandemic. Notably, the proportion of SMEs experiencing decreased sales is consistently 10 percentage points higher now than in the 2017/18 financial year.
The situation began to deteriorate further in the lead-up to Brexit and has remained at this elevated level. This downturn is particularly acute among SME manufacturers, a segment where 28 per cent reported a decline in exports, compared to 27 per cent who saw an increase and 45 per cent who noted no change, as per BCCs outlook.
Fibre2Fashion News Desk (DP)