UK Export Finance (UKEF) has published its annual report and accounts, showing it has provided support worth £528 million to exporters in the manufacturing sector, including £57.5 million of short-term financing.

One company supported by UKEF over the last year was Dundee-based supplier Rautomead, which secured a machinery order (pictured) with a specialist Chinese metals manufacturing company in Xian.

UKEF helped it secure the deal by using its Supplier Credit Scheme, which allows UK companies to get paid on dispatch for their exports while letting buyers benefit from deferred payment terms. The Government organisation 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.

Rautomead managing director Brian Frame 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 ‘up front’. As a supplier in a competitive market, it is essential to be able to meet the customers commercial as well as technological requirements while also managing our cash-flow and risk.”

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

Liz Truss, Secretary of State for International Trade, said: “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.”

Exporters who want to know more about UKEF’s support can visit the Web site (www.great.gov.uk/trade-finance).