Whilst ranked 10th globally for exports by the OEC, the UK has for a long time operated an overall trade deficit. Ambitious plans by Government to increase exports as a percentage of GDP are slow to be realised, and the unprecedented impact COVID and Brexit exerted on global markets has further hampered progress. Indeed, the UK’s official departure from the EU on 31st December 2020 sparked a period of uncertainty, complexity, additional costs, and more bureaucracy, especially for UK SMEs trading globally and without the same resource to weather the storm as their corporate counterparts.
It is these very 5.9 million SMEs that are often described as the backbone of the UK Economy, yet only 9% of them export, a figure that is disproportionately low compared to larger businesses at 42% (ONS). Of this 5.9 million, 96% are micro businesses often facing unparalleled financial, resource, experience and/or skills related constraints that dissuade, even prevent them from exporting.
These businesses can find themselves ineligible for large, Government led or linked support
programmes; or where they do fulfil eligibility criteria, support tends to be high-level and generic, failing to provide the operational-level detail and hands-on approach so desperately needed to instil know-how and foster confidence. Support is also export-focused and fails to recognise that so many of our small business exporters also import; or that the UK depends on what can be quite complex global supply chains to provide us with our everyday goods and services.
GTD will often be heard talking about how non-tariff barriers are more damaging to international trade than any 3rd country tariffs. Overseas regulation is a most frequently cited reason for why SMEs do not embark on exporting, or increasingly, a reason why they cease trading with a particular country or region e.g. the EU.
Clients and partners have shaped GTD into a consultancy practice that thrives on breaking down complex regulation into manageable steps that companies can achieve in a cost effective manner, enabling them to comply and keep their trade moving. Outside of our knowledge and experience, we have collated a wealth of resources, tools, and templates that our clients can access via consultancy engagements and via the GTD Platform to expedite their compliance and market development.
Gain dedicated, specialist import and export support and advice via a free of charge 15-minute MS Teams appointment with a Global Trade Department consultant
Increasingly the work GTD undertakes involves helping SMEs, UK and overseas, navigate the complex and rapidly developing world of sustainability regulation. The team have developed a specialism in this area, and have a wealth of resources consultancy, training, and technology based.
In addition to Global Trade Sustainability Assessments, the GTD Platform is also extending to provide Digital Product Passports (DPP) to enable clients to comply with the EU’s Ecodesign for Sustainable Products Regulation, as well as other global variants o the regulation.
Obtain an impartial, outside-in assessment of your current global trading processes and practices, with practical recommendations of how you can incorporate sustainability values and targets to meet future regulatory requirements and drive long-term growth.
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EU/Northern Ireland: Global Trade Department (NI) Ltd, Office 834, 92 Castle Street, Belfast, BT1 1HE, Northern Ireland.
Global Trade Department (NI) Ltd is a company registered in Northern Ireland, Company no: NI724330
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