Earlier this week, UK Export Finance launched its Performance Highlights report for 2017/18 showing that it provided £2.5 billion of support for UK exports, helping 191 companies sell to 75 markets around the world.
It also stated that since 2011, it had supported £4.1bn in export contracts through its trade finance products, which were introduced to give smaller businesses an exporting edge.
UKEF Highlights include:
- Confirmed increases in – and in many cases, a doubling of – their capacity to support exports to over 100 markets
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22 new currencies added to their local currency financing offer, taking the total to a world-leading 62
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77% of all companies supported were small to medium-sized businesses
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Expanded eligibility for short-term trade finance to include UK suppliers to exporters, enabling supply chains to benefit from UKEF support even if they’re not directly exporting
Secretary of State for International Trade, Liam Fox MP, said: "This is a hugely exciting time for UK trade. Our priority in government, at home and abroad, is to identify international opportunities for UK businesses, and to make sure that we are doing all we can to support them as they look to realise these opportunities. UKEF is at the heart of our strategy to achieve this."
Baroness Fairhead, minister of state for trade and export promotion, said that UKEF’s results for 2017/18 showed that when companies took advantage of its support, the effects on their business could be transformative.