UK Export Finance has published their annual reports and accounts. UK Export Finance, or UKEF, the Government and UK export credit agency has released the report for the transactions of the past year. The published material shows that the Government supported around £458 million of sales overseas for manufacturers.
According to the report and figures that have been published, the UKEF provided support to the value of £3 billion for exports from UK manufacturers. The figures show that 79% of the companies that have benefitted from this support over the course of the 2016-17 year were small and medium sized enterprises. The UKEF supported companies by offering finance and insurance which according to the figures released, has allowed 221 companies the opportunity to export their goods to 63 different countries around the world.
As part of the latest business plan that has been released by UKEF, there are still a number of different ways that could allow more companies to make the most of UKEF support. These measures include forming partnerships with banks in order to help them offer support directly to their trading customers.
Another way of providing more support going forward that has been noted by the UKEF is using financing in order to generate more procurement opportunities which will help a range of smaller companies on the supply chain. Another way of improving the support that they offer is by offering more incentives to overseas buyers in order to make the UK an attractive place to source goods and services.
The UKEF offers a range of help and support to the UK manufacturing export industry and it has helped a number of businesses to flourish.Therefore any improvements that could be made to allow more companies the chance to get support from the Government service is great news for the industry.