The US tops the list for UK small businesses to trade with outside Europe, according to new research by the Federation of Small Businesses (FSB).
A majority (59%) of UK small exporters sell goods to the US – their most popular non-European export market – followed by Australia (44%) and Canada (36%).
The US is also the top origin market for UK small importers outside Europe, with more than a third (32%) say they buy goods from the States. China is placed the second (30%), just before India (9%).
The findings come after an FSB delegation concluded their five-day visit to Washington DC on Friday (17 March).
Led by FSB Policy Chair Tina McKenzie, the delegation met with Joseph Kennedy III, the US Special Envoy to Northern Ireland for Economic Affairs. A series of engagements was also held with senior officials from the US Small Business Administration and United States Trade Representative, as well as counterparts from the US, UK, Republic of Ireland and EU.
The discussions centred on trade opportunities arising from the Windsor Framework and the critical role and interests of small firms within any future trade agreements.
At the same time in London, FSB partnered with the Small Business Roundtable, a coalition of US small business and entrepreneurship organisations, to host a delegation of US senior government officials and business leaders at the Entrepreneurship Exchange 23 summit on Thursday (16 March).
Among the attendance were Don Cravins, Under Secretary of Commerce for Minority Business Development at the United States Department of Commerce and Michael Negron, Special Assistant to the President for Economic Policy at The White House.
FSB Policy Chair Tina McKenzie 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.
“While stakeholders are right to scrutinise the details of the Windsor Framework, we hope that we’ll be in a position to move forward together to empower small businesses in the world of trade.
“It’s also welcoming to hear the news that President Joe Biden will be visiting Northern Ireland for the 25th anniversary of the Belfast/Good Friday Agreement, which represents a huge opportunity for a reset in relationships between the US, UK and EU.
“Bringing down trade barriers facing small firms must be at the front and centre of trade discussions. Small firms’ success in the global market will be fundamental to attainment of the UK’s growth plans.”
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About FSB
As the UK’s largest business support group, FSB is the voice of the UK’s small businesses and the self-employed. Established over 40 years ago to help its members succeed in business, FSB is a non-profit making and non-party political organisation that’s led by its members, for its members. As the UK’s leading business campaigner, FSB is focused on delivering change which supports smaller businesses to grow and succeed.
FSB offers members a wide range of vital business services, including access to finance, business banking, legal advice and support along with a powerful voice in Government. Each year FSB also runs the UK’s Celebrating Small Business Awards. More information is available at www.fsb.org.uk. You can follow us on twitter @fsb_policy and on Instagram @fsb_uk.