The publication of balance of payments statistics for 2017 in the ONS Pink Book doesn't generate the kind of concern it did in the days of fixed exchange rates, but there is heightened interest now in understanding the impact of the depreciation of sterling since the referendum vote and progress in the UK's ambition to grow trade - especially beyond our European markets.

The recently published figures show a narrowing of the current account deficit from 5.2 per cent to 3.9 per cent of GDP, the lowest since 2012. As part of that, the trade deficit itself is now down to 1.3 per cent of GDP; there has also been a narrowing of the gap between investment into the UK relative to investments by the UK abroad. The UK has a surplus in services and a deficit in goods and it is a widening in the former that was the driver of improvements in 2017.

Around nine per cent of UK SMEs are involved in international trade and this has been fairly stable over the first half of this year. Those businesses that export have higher growth ambitions than purely domestically oriented firms (62 per cent vs. 46 per cent according to the latest SME Finance Monitor). SMEs that import are the most likely to use external finance; those that both import and export have a significantly higher tendency to be planning now to apply for finance. Finance providers are keen to support such businesses and can usually meet their finance needs on a fully commercial basis. Sometimes though, access to guarantees from UK Export Finance, the government's export credit agency, can help to make a transaction possible. Recent changes to widen eligibility, streamline processes, and promote support have made this more accessible.

As growth in many global markets recovered, there have been attractive opportunities for UK firms - in many industries supply chains are integrated as businesses import and export through the process of manufacturing goods or providing services. Nevertheless, businesses are conscious of the potential for disruption. Those that import, and those that export as well, are more likely to express concern about the economic climate and political uncertainty. It's encouraging to see momentum building despite these concerns. It is also notable that as well as supporting businesses in their trade, the financial services sector itself contributed a positive balance of over £44bn last year.