By Daniel Hunter

The government is likely to miss its headline export target by £300 billion, according to an expert.

The government has targeted UK exports being worth £1 trillion by 2020, double what it was when the target was set during the previous government.

But Graham Cole, chairman of AgustaWestland UK, chair of the Cole Commission review into the country's performance in exports, believes the latest figures will see the UK fall £300bn short of its target.

Speaking to the BBC, Mr Cole called for more support to help small and medium-sized enterprises (SMEs) exporting. He noted that just 19% of UK SMEs are currently exporting, compared to 45% in Germany.

John Allan, national chairman of the Federation of Small Businesses (FSB), said: “The Cole Commission report is a welcome contribution into the current debate about how to boost UK exports. The report raises some good ideas, such as better co-ordination between UKTI and UKEF and a streamlining of export support schemes, with a simplified portal, and the need for raising skills."