Over 40% of small and medium-sized businesses have reported an increase in the export side of their business, according to new data released by independent invoice financier Bibby Financial Services.

The data also revealed that the economic downturn has prompted 29% of businesses to refocus their efforts towards international markets and 31% of businesses said that the strengthening of the Euro has had a positive impact on their business.

However, the survey of 200 small and medium-sized firms also found that 42% of companies said that access to finance for UK exporters has diminished and 56% of businesses feel that the fluctuating exchange rate is the biggest problem for businesses looking to trade overseas.

"These findings are certainly a positive sign for UK businesses trading overseas, with many overcoming perceived barriers to international trading, such as language barriers, and finding solace in the strong Euro. However, credit control for overseas customers is a huge barrier when trading abroad, with many countries' payment habits differing from the UK standard," said Andy Meadwell of Bibby Financial Services.