Manchester SMEs are looking to start exporting and increase their overseas sales, reports the Manchester Evening News. The article quotes a survey by Clydesdale and Yorkshire Banks, which indicates that more SMEs are concentrating their efforts on international growth as they feel more confident as the economic situation improves.

In the last 12 months, just 33% of Manchester SMEs sold goods or services to overseas customers. Overseas sales currently account for 21% of the turnover for SMEs that do export. Over the next months, however, overseas sales are expected to grow to 24%, as 27% of Manchester businesses express an intent to either start or increase their sales to overseas customers.

Total UK export sales amounted to £501 billion in 2013, the latest official annual export figures show. Exported goods reached £304 billion, while services totalled £197 billion. In the spring budget the Government increased the amount of credit available for overseas sales support to £3 billion.

The article features comments from Sean Williams, head of Yorkshire Bank’s Business and Private Banking Centre in Manchester, who makes the point that Manchester’s products and services are known around the world for their quality and innovation. Manchester businesses have a long history of exporting to markets overseas, he adds, saying that as the UK economy improves, more businesses will start developing new products and create jobs in order to make a stronger global impact.

The article also quotes UK Trade and Investment’s (UKTI) regional director for the North West region, Mark Robson, according to whom the survey once again serves to show that exporting is essential for economic growth. UKTI has contacted all 8,900 mid-sized UK businesses, offering them customised advice and support. This will help them start exporting, he notes, and will also encourage companies to contact the department should they wish to export.

SMEs form the backbone of the UK economy so it is particularly encouraging that so many SMEs in the North West are expecting to grow their sales via exporting. If your business is considering exporting, it is important to consider how this could affect your insurance and to ensure you are appropriately covered. Different countries have varying requirements, with a minimum premium of £1000 being typical for Public/Products liability cover in North America for example.

It is recommended that you consult with your broker if you are considering exporting overseas. After all, the worst time to find out your insurance isn’t as comprehensive as you thought is when you need to claim.