New data suggests that British small and medium-sized enterprises (SMEs) are enjoying healthy export growth, largely due to the rising popularity of so-called online marketplaces such as Amazon and eBay.

According to figures from international payments provider World First, SMEs were responsible for approximately £11 billion worth of UK export growth last year – and international sales figures are expected to soar to £21.3 billion by the year 2020.

The group’s report suggests that almost half (40 per cent) of UK SMEs that are currently active on websites such as eBay and Amazon are currently exporting their offerings overseas.

It found that the European Union (EU) was the favoured trading destination for UK SMEs, with as many as 86 per cent of British businesses admitting that they trade with customers and clients in the bloc.

The US took the second spot, with 66 per cent of British firms exporting their products and services to North American states.

Almost a third (29 per cent) of firms said that they had experienced revenue growth of 20 per cent or more over the past 12 months due to upscaling their export activity.

A further nine per cent said that their revenues from exports had increased by £500,000 or more in the past year.

However, when asked if they had experienced any difficulties when exporting, one in five (21 per cent) of firms said that they had run into logistical problems, while 17 per cent said that they often felt it was ‘risky’ doing business across multiple currencies.