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International trade offers huge opportunities for growth and success, but it also comes with risks. Foreign exchange risks are consistently mentioned as one of the issues with doing business abroad. Fluctuating exchange rates can leave SMEs out of pocket if their revenues and costs are in different currencies. ACCA’s own research found that around 45% of accountants with small and medium sized clients said foreign exchange risk as an issue for their clients. Your ACCA accountant should always be your first port of call for advice on this and any other financial or business planning matters
—Ben Cottam, head of ACCA Wales/Cymru

Value of exports from Wales higher than the UK average

Official figures show that the value of exports from Wales is higher than the UK average and also more than 100% higher than at the turn of the century, ACCA (the Association of Chartered Certified Accountants) Cymru/Wales highlights today.

As well as leading the way on exports, the figures also show that Welsh companies are less exposed to the uncertainty of the Eurozone with EU countries accounting for 43% of export destinations, compared to 48% UK wide. 

Ben Cottam, head of ACCA Cymru/Wales, said: 'A huge proportion of the private sector in Wales is comprised of smaller businesses and it is fantastic to see that they are seizing the opportunities offered by trading outside of our borders. More so than ever we live in a global economy and firms in Cardiff are competing just as much with firms from China or Brazil as they are from Swansea or Wrexham.

'International trade offers huge opportunities for growth and success, but it also comes with risks. Foreign exchange risks are consistently mentioned as one of the issues with doing business abroad. Fluctuating exchange rates can leave SMEs out of pocket if their revenues and costs are in different currencies. ACCA’s own research found that around 45% of accountants with small and medium sized clients said foreign exchange risk as an issue for their clients. Your ACCA accountant should always be your first port of call for advice on this and any other financial or business planning matters.'

  • The figures were released by the Office for National Statistics, and ACCA’s report of foreign exchange risks can be viewed via the 'Related Links' section, left of this article.

- Ends - 

For more information, please contact:

Ray Allger, ACCA UK Newsroom
+ 44 (0)20 7059 5788
+44 (0) 7540 919 819
ray.allger@accaglobal.com

Notes to Editors

  1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. 
  2. We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 89 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence. 
  3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.