Did you know that 58% of surveyed U.S. small businesses have exported goods and services?
More importantly, did you know that nearly half of firms that don’t export are interested in doing so?
These are just two of the key points uncovered in the NSBA’s 2016 Small Business Exporting Survey.
The National Small Business Association (NSBA) and its international trade arm, the Small Business Exporters Association (SBEA), have produced this year’s report in partnership with Livingston International, a global leader in customs brokerage and international trade solutions.
Exporting is a critical – and growing – priority among today’s U.S. small businesses. The 2016 Small Business Exporting Survey breaks down who’s exporting, what’s holding many small businesses back from exporting, what challenges those who do export are facing and more.
Today’s top challenge: Getting paid
One of the most fascinating discoveries in the 2016 Small Business Exporting Survey is that many SMEs have a hard time getting paid for their exports. As a result, many SMEs have made investing in payment enhancement products a key component of their upcoming business plans.
Taking advantage of free trade agreements (FTAs)
One area of trade SMEs are taking advantage of when exporting is free trade agreements (FTAs). SMEs report reaping broad benefits from FTAs, including access to new foreign markets and opportunities to expand existing export operations. Just 5% of SMEs report actually being hurt by FTAs, and a majority say they are more likely to enter a new market if it is covered under an FTA with the U.S.
Other findings include:
- 37% of surveyed firms that don’t export report “don’t know where to start” as a top challenge.
- 34% of surveyed firms export to more than 10 countries, up from 21% in 2010.
- Almost one-fifth of firms report generating more than 50% of their sales from exports.
Looking for more support
The NSBA and SBEA continue to urge government and national associations to promote international trade as an important avenue for SMEs. When asked, firms surveyed responded that the number one thing the U.S. federal government could do to help small business exporting initiatives would be, “establish export tax incentives.”
SMEs also said that more training and a “one stop shop” for exporting assistance would be beneficial.
Get the full story: Download the 2016 Small Business Exporting Survey
To see complete results as well as the survey methodology, download the 2016 Small Business Exporting Survey today!
More resources to help you grow into new markets
- Plug In To New FTAs In 2016 (Infographic)
- Plug In To New Markets In 2016 (Infographic)
- 2016: A Big Year For Customs And Trade (Infographic)
- Check out our full library of importing and exporting resources