Brexit has driven UK businesses to expand into international markets outside of the European Union (EU), with Brand UK aiding their growth, according to new research from One World Express.
The global logistics firm surveyed 752 decision makers within UK-based businesses. It found that 61% either operate internationally already (45%) or plan to expand overseas by the end of 2022 (16%).
Of those currently selling or planning to sell their products and services outside of the UK, 71% are now exclusively targeting countries beyond the EU for their international expansion.
Indeed, the majority (62%) of exporting companies said that Brexit has prompted them to expand into countries outside of the EU.
One World Express’ research also showed that 67% feel having a British brand or a UK-based operations enhances their reputation and increases overseas demand for their goods or services. A similar number (63%) said markets outside of the EU are more likely to pay a premium for their goods or services.
Most (68%) companies have a clear international expansion plan for the year ahead. Indeed, 67% are confident that they will establish themselves in at least one new international market by the end of 2022 – 75% believe they will have established themselves by the end of 2026.
Atul Bhakta, CEO of One World Express, said, “The fallout from Brexit has posed many challenges for UK businesses throughout the previous year. However, as the dust begins to settle, it’s encouraging to see many companies now seizing opportunities for international growth, with Brand UK evidently helping some to break into new target markets.
“That said, successful international growth will not come without obstacles. Careful planning is required, from thorough market research and resource allocation to comprehensive logistics strategies, each of which will be vital in facilitating sustainable growth.
“The post-Brexit future for UK businesses is certainly looking brighter, with growing demand throughout international markets. Provided careful planning is undertaken, I have every confidence that we will see many organisations go from strength to strength in 2022.”