UKEF's annual report reveals it helped UK exporters secure sales to over 75 countries in financial year 2017 to 2018, 77% of which were smaller businesses.
UK Export Finance (UKEF) has published its annual report and accounts, revealing it provided £2.5 billion in support for UK exports in 2017 to 2018.
Rt Hon. Dr Liam Fox MP, Secretary of State for International Trade, said:
"As an international economic department, our priority is to do all we can to support UK businesses as they seize 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:
"UKEF’s results for 2017 to 2018 once again show that when companies take advantage of its support, the effects on their business can 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."
The report revealed UKEF has supported £4.1 billion in export contracts through its trade finance products since 2011, which were introduced to help give smaller businesses an exporting edge.
During 2017 to 2018, UKEF was also awarded ‘best export credit agency 2017’ by Global Trade Review magazine and Euromoney’s Trade Finance.