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10 November 2017

Small firms in Wales need support to encourage overseas trade

Commenting on the latest ONS trade data for September, Janet Jones, FSB Wales Policy Unit Chair, said:

“The continuing trade deficit at a UK level shows work needs to be done to encourage Wales’ small businesses to trade overseas.

“Our research shows that one in five small businesses in Wales currently exports, and a further fifth of businesses are considering doing so.

“Bespoke support is important for small and micro businesses. As well as current initiatives to support reactive exporters, more needs to be done to help turn small businesses into strategic exporters. Without this, we will not be able to turn the dial on productivity.

“We have called for the Welsh Government to support small businesses and “de-risk” the process of trading overseas. We’ve also called for the Welsh Government to publish a trade and investment strategy as part of a wider economic development strategy. This would inform Welsh Government’s input into UK wide trade deals post-Brexit. Any such strategy should include a commitment to small business chapters in trade deals, and would prioritise Wales’ economic development over narrowly defined short term boosts to headline economic statistics.”