One company supported by UKEF over the last year, was Dundee-based supplier Rautomead, who secured an order with a specialist Chinese metals manufacturing company in Xian. UKEF helped Rautomead secure the deal by using its Supplier Credit Scheme, which allows UK companies to get paid on dispatch for their exports whilst letting buyers benefit from deferred payment terms.

To secure the deal, UKEF provided a guarantee to the London Forfaiting Company, that enabled the lender to pay Rautomead 85% of the contract value after dispatch and collect repayments from the buyer - Shannaxi Sirui - over five years.

Brian Frame, Rautomead managing director,  said: “UKEF’s support provided us with the flexibility to meet our customers’ request to pay for the equipment over an extended period rather than ‘upfront’. As a supplier in a competitive market, it is essential to be able to meet the customers commercial as well as technological requirements whilst also managing our cash-flow and risk.”

UKEF’s latest results reveal it has provided £4.4 billion in support for UK exports over the last year, supporting trade with 69 countries.

There was a sharp increase in companies in UK supply chains benefiting from UKEF support due to a significant proportion of UKEF business going to industries with strong UK supply chains, with nearly £2bn for the construction sector and over £500 million for manufacturers.

Liz Truss, secretary of state for international trade, Liz Truss, added: “This has been another outstanding year for UK Export Finance, helping businesses in every part of the UK win export contracts. Supporting international trade will be crucial as the UK looks to recover from the impact of the COVID-19 pandemic. UK Export Finance is already playing a critical role at the centre of the government’s plan to power an export-led recovery and its offer is more important than ever for UK exporters.”