Business

Survey finds businesses positive about future EU relationship

13 per cent of those surveyed said they are looking to source less internationally, which may be as a result of the falling value of the pound. Photo by Yui Mok, PA Wire
13 per cent of those surveyed said they are looking to source less internationally, which may be as a result of the falling value of the pound. Photo by Yui Mok, PA Wire 13 per cent of those surveyed said they are looking to source less internationally, which may be as a result of the falling value of the pound. Photo by Yui Mok, PA Wire

COMPANIES in the north remain committed to strong trading relationships with European customers and suppliers despite the Brexit vote, according to a major international trade survey.

The results of the survey, carried out by Britain and Northern Ireland’s respective chambers of commerce, show that the exporters surveyed continue to regard Europe as an important trading partner.

Around three-quarters of respondents currently sell 76 per cent and source 73 per cent of their goods and services within the EU.

The findings also show that over a third of businesses plan on putting more resources into exporting to the European market over the next five years.

Europe also remains the market where the higher percentage of businesses (18 per cent) is planning on allocating more resources to sourcing products and services from.

Responding to a question assessing whether the EU referendum has influenced their approach to exporting, nearly a third of businesses surveyed said they are looking to export more and 65 per cent said the EU referendum hasn’t changed their strategy for importing.

There are signs of caution, however, with 13 per cent looking to source less internationally, which may be as a result of the falling value of the pound.

Northern Ireland firms cited the issue of a border between the north and south as their biggest concern for the future.

Shaun McAnee, managing director of corporate banking at Danske Bank, which partners NI Chamber in its Export First programme, said exports are a key component of growing the north’s economy.

"Given our strong trading relationship with the Republic of Ireland, ease of access to the European single market is vitally important for Northern Ireland businesses," he added.

"To protect the Northern Ireland economy it is important that this relationship is factored into any Brexit negotiations."