British businesses are expected to target the US as a new trading partner, as many anticipate a higher number of opportunities to do business abroad over the coming year.
According to economic modelling carried out by American Express, the US tops the list of untapped trading partners for the UK. This comes as 39 per cent of UK businesses which currently trade internationally said they planned to increase operations over the next 12 months.
Half of those surveyed also said they are looking to trade with new countries in the coming year.
Some 44 per cent of companies also believe they are in line for increased revenue as a result of better opportunities overseas.
“It’s very positive to see UK businesses looking to international trade as a way to grow and undeterred by either geography or logistics,” commented Jose Carvalho, senior vice president at American Express Global Commercial Payments.
Despite headwinds for UK enterprise, including adverse foreign exchange rates, the majority of companies surveyed (80 per cent) were confident in their international strategies.
Some 91 per cent agreed that the rise of new technologies made it easier to trade internationally.
Carvalho added: “As well as looking to new countries to trade with, businesses are actively seeking solutions such as FX forward contracts to overcome perceived barriers. Technology has been a great catalyst in enabling this to happen.”
Other than the US, parts of continental Europe also ranked highly in the study’s evaluation of potential trading partners. Countries where the UK has untapped trading potential included Luxembourg, Denmark, France, Finland and Austria.