Small and medium-sized businesses have seen their export orders stabilise after seven quarters of decline, according to a survey by the Confederation of British Industry (CBI).

The survey reveals that 27% of respondents saw their export orders rise in November to January, while 25% said they fell, creating a balance of +2%.

The balance of +2% was the strongest performance for exports since January 2008, when the figure stood at +12%.

"Small and medium-sized manufacturers are also expecting overseas orders to grow in the coming months, and are the most upbeat about export prospects for fifteen years," said Russell Griggs, chairman of the CBI's SME Council.

"However, with the economy only just edging out of recession, conditions will still feel pretty challenging for smaller firms. Domestic orders are likely to remain depressed, and firms are expecting output to fall in the next three months."