Exporters Can Still Succeed in Uncertain Times

The current economic climate is far from stable and for businesses, uncertainty is rarely welcome. The ability to plan with confidence, make investment decisions with a clear sense of the future, and expand into new markets without unexpected disruption is what most businesses want.  

The reality is, I don’t think we are going to get that kind of stability any time soon. But that’s not to say that there aren’t still opportunities when it comes to overseas trade. 

At the Chartered Institute of Export and International Trade, we work with businesses of all sizes to help them navigate international trade. We are independent of government but work closely with both the UK and devolved governments to ensure businesses get the right advice and support. As we celebrate our 90th anniversary this year, we are as focused as ever on helping businesses seize opportunities in global markets. 

International trade is vital to the economy, and businesses that trade internationally tend to be more profitable, more sustainable and more resilient to economic downturns. That is why it is concerning that the percentage of SMEs in Wales that export remains relatively small. There are many businesses with products and services that would be in demand globally, but they don’t always realise their potential. The challenge is to break down the barriers -whether those are regulatory, logistical or simply a lack of confidence – to help more businesses take that first step into exporting. 

Wales has an advantage in many ways. The products and services made here are respected worldwide, and our national brand carries a reputation for quality. But there is a tendency to underplay what we have to offer. That is why events like Wales Week London and Wales and Japan 2025 are so important. They showcase Welsh businesses and raise the profile of Wales as a serious player in global trade. 

The EU remains a crucial market. Around 60% of everything Wales exports goes to the EU, a higher proportion than the UK average. While there is a need to explore new global markets, it is just as important to maintain strong trading relationships with our nearest neighbours. There is some talk of a reset in the UK’s relationship with Europe, and the upcoming UK-EU summit in May could be the first step towards improving trade ties. 

The wider global picture is harder to predict. Recent political developments in the US are already causing uncertainty in markets worldwide. Many businesses are taking a cautious approach, waiting to see how policy decisions translate into action before making any major moves. While businesses crave stability, they are also resilient and adaptable. The best way to navigate uncertainty is not to wait for conditions to improve but to explore opportunities that are already available. 

For businesses in Wales considering export, there is no one-size-fits-all answer to where they should focus. The right market depends entirely on the nature of the business, the product or service, and where demand exists. That said, the easiest markets are often those where language and business culture are similar, where regulatory barriers are lower, and where logistics are relatively straightforward. For many Welsh businesses, Ireland is an obvious opportunity. As one of our closest trading partners, it offers strong demand and a growing economy. 

Whatever the challenges in the wider economy, the fundamentals of international trade remain the same. Welsh businesses have products and services the world wants. The opportunities are there, and the support is available to help businesses take advantage of them. The key is to be proactive, to seek out advice, and to have the confidence to look beyond the immediate uncertainty to the long-term potential of global markets.