Europe remains the main trade partner for UK small businesses despite recent Chinese trade visit
The UK’s small businesses remain dependent on Europe as their main trading partner, despite the much-vaunted Chinese visit to boost trade relations.
UK SMEs do 22-times as much trade with their European neighbours than with China, according to data from money transfer firm World First.
In October, UK companies bought £198m-worth of euros, up 59 per cent from September and up 107 per cent from this time last year.
However China is catching up, with a 238 per cent increase in SMEs selling sterling for Chinese yuan from last year – up to £7.25m-worth – as more companies start looking to do business there.