Welsh firms rank fourth bottom in UK for exports according to Lloyds TSB Commercial Banking research
WELSH firms rank fourth bottom in the UK when it comes to exports, according to research by Lloyds TSB Commercial Banking.
The bank found almost a quarter of Welsh firms said costs deterred them from exploring export plans.
The Lloyds TSB survey showed the most commonly cited reason among Welsh firms was they had never thought about exporting.
Of those Welsh firms currently exporting, 32 per cent had been established for between one and five years before they began to look to export markets for growth.
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Paul Spencer, of Lloyds TSB Commercial Banking, said: "In a climate of subdued domestic demand, it's even more critical to look overseas.
"Many UK firms have traditionally looked to the EU and North America for exporting, but there are increasingly opportunities opening up further afield.
"Although it's vital that firms are cautious when branching out into the international market, it is also important that they are not put off my perceived barriers that could prevent them from exploring the potential opportunities that are offered in other countries.
"The latest Lloyds TSB Commercial Banking Business in Britain report showed that one of the greatest threats to Welsh companies is weaker domestic demand.
"Firms that have taken the step into overseas markets are faring better than those reliant on home markets, making this the ideal time for local firms to start investigating the advantages of exporting."