THE growth in North-East exports is being shackled by problems with foreign trade credit insurance, research has revealed.
An estimated £9.2bn of UK exports is at risk because of a lack of trade finance and one in eight exporters surveyed said they had experienced difficulties with sourcing trade finances.
In response, the North East Chamber of Commerce (NECC) has said that the figures demonstrate an extremely urgent need for the UK Government to match the governments of some of the world’s major economies, which offer state-backed credit insurance.
James Ramsbotham, chief executive of NECC, said: “Export trade credit insurance offers vital protection for firms trading abroad but companies are finding its availability hard to come by.
“Germany, France, Italy, Japan, the USA and the Netherlands all offer state backing for their exporters and it’s time the UK got behind our products overseas.”
The export credit problem was highlighted in a report compiled by the British Chambers of Commerce called Exporting Britain: Trade Finance.
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