New markets found

UK exporters switch from EU to beat Brexit doubts

Port of Grangemouth

Firms are finding new markets

Almost a fifth (18%) of British firms have found new markets outside the EU because of the uncertainty over Brexit.

Trade relationships have been developed with emerging markets in the BRICS countries – Brazil, Russia, India, China and South Africa.

Firms have also diverted trade to traditional trading partners such as Commonwealth nations Australia and New Zealand.

The trends are revealed in A New World for Global British Business by Lloyds Bank and Aston Business School released today.

Separate polling of 96 Scottish businesses undertaken in October for the report found 34% of firms in Scotland have reviewed and made changes to their supply chain because of Brexit and 9% have diversified to create new opportunities outside the EU.


The report found plans are underway for further expansion beyond the EU.

According to the polling, more than one in ten (13%) Scottish businesses plans to expand into new markets around the world. It also highlights business continuity plans, with 19% of Scottish businesses saying they are stockpiling to ensure continuity of service post Brexit.

An estimated £50 billion of exports have been diverted since the Brexit referendum result in June 2016, say the researchers.

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