Small and medium businesses across London are going global, with almost 60% now trading abroad and 33% thinking about doing so, according to a survey by Avanta Serviced Office Group in partnership with London First.
As part of the study, the London based serviced office provider quizzed over 200 of its small business customers to find out their views and experiences of trading in London as well as around the world. Of those trading globally, the majority (94%) export or sell overseas.
Countries from the Eurozone are the most popular trading destinations (48%), closely followed by EU countries (29%). However many SMEs are trading with countries as far afield as the Middle-East (23%), Australia and New Zealand (22%). But the world’s newest superpowers were not far behind with Eastern Europe (16%), India (16%) and China also attracting London businesses looking to trade abroad.
CEO of Avanta, Alan Pepper, said, “Trading overseas is a fantastic way of growing a business, opening up entirely new markets and opportunities for ambitious entrepreneurs. British SMEs have traditionally been cautious about selling their products outside the UK however our survey shows that small businesses in London are now crossing borders in their droves. And what better base than London, arguably the most international city in the world, from which to trade.
Speaking about the economic benefits of trading across borders, CEO of London First, Baroness Jo Valentine, said, “Since London merchants set sail for the East Indies over three hundred years ago, our capital has been one of the world’s leading exporters. I am delighted that many smaller businesses in London are helping to maintain this global position today, and are reaping the economic benefits of trading beyond our borders.