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Some of the key findings
Increasingly important
Over half of businesses say the challenges facing the UK economy have made international trade more important. That’s more than double the number we saw 3 years ago. And there’s regional divides. Businesses in London, North West England and Scotland are most likely to say trade has become more important.
Upward trajectory
Overall, 39% of businesses (who aren’t exporting) are thinking about expanding overseas in the next 3 years. That’s up from 21% a year ago. That figure rises for some sectors - up to 82% of tech businesses, 68% of manufacturing businesses and 67% in financial services.
Future growth
Businesses already trading internationally feel Japan and Australia provide great growth opportunities. That’s fantastic news because the UK will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 15 December 2024 – a free trade agreement. It’ll make it easier to trade with Japan, Singapore, Chile, New Zealand, Vietnam, Peru and Malaysia. With Australia, Canada, Mexico and Brunei to follow.
Moving supply chains closer to home
More than a fifth of businesses have moved their supply chains closer to home. This is known as nearshoring. And that figure is up from 11% a year ago. New suppliers are often located in the UK (64%) and EU (49%), presenting growth opportunities for UK businesses. Need help moving your supplier chains closer to home? Why not sign up to Santander Navigator?
Technology, media and telecoms businesses are confident of future growth
90% of technology, media and telecoms businesses are confident they’ll grow in the next 3 years. With 68% saying that trading internationally has become more important. That’s more than any other sector surveyed. Over 80% of tech businesses say they’re considering expanding overseas. To see how we can help your business, why not speak to a sector specialist.
3 tips for cracking Dubai
1. Do your research and understand consumer demand.
2. Get yourself a good labelling provider – the UAE have very strict rules.
3. Use Santander Navigator to understand all the regulatory commitments you’ll need to make.
Read all the findings in our
Trade Barometer Autumn 2024
Supporting your international journey
Whether you’re just setting out on your international journey or you’re an established multinational, we’ll support you every step of the way. Our experienced team can call on local expertise almost anywhere in the world. They can help you connect to the people you need to know, wherever you want to do business.
Businesses we've helped on their international journey
Hilltop Honey feel the buzz for global growth
‘The team at Santander has demonstrated an excellent understanding of our business, creatively supporting Hilltop Honey with its US offering, namely with Walmart and Amazon Marketplace. As we look to the future, we’re very happy to have a banking partner who can fully support our strategic objectives.’ Scott Davies Founder, Hilltop Honey
Connecting Delta Global to a world of opportunity
Delta Global are specialists in luxury packaging. At their core, they're passionate about offering bespoke solutions to suit each client. They believe luxury packaging is about more than just the end use.
Making the most of Santander Navigator, Delta Global have access to pre-qualified, high-quality providers. We saved them time finding the right people to speak to in large and complex markets. They use this time to focus on their business and its future.