UKEF provides £2.5bn in support for UK exports

UK Export Finance (UKEF) has revealed that it helped UK exporters – 77% of which were smaller businesses – secure sales to over 75 countries during the financial year 2017/18.

In its annual report and accounts, the UK’s export credit agency reported that it provided £2.5bn in support for UK exports during the same period. 

It also stated that since 2011, it had supported £4.1bn in export contracts through its trade finance products, which were introduced to give smaller businesses an exporting edge.

Liam Fox, secretary of state for international trade (pictured above), said its priority was to do all it could to support UK businesses as they seized the opportunities of global trade.

“UK Export Finance is at the heart of our offer to help them do so, and this report shows that it has been a landmark year for the UK’s award-winning export credit agency.”

Baroness Fairhead, minister of state for trade and export promotion, said that UKEF’s results for 2017/18 showed that when companies took advantage of its support, the effects on their business could be transformative. 

“By providing innovative and flexible finance and insurance, the government is helping British businesses – big and small – realise the value they bring to the international marketplace.

“The range of exports supported by UKEF demonstrates that the UK’s exporters have a truly world-class export credit agency behind them – and that’s why the government’s forthcoming export strategy will deliver on our commitment to put UKEF at the heart of trade promotion.”

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