Wednesday, December 02, 2015
Small Businesses’ Growing Role in International Trade a Factor in U.S. Export Potential
This week, the Office of Advocacy, an independent office within the U.S. Small Business Administration, released an issue brief entitled “Small Businesses Key Players in International Trade.” The issue brief spotlights the role U.S. small businesses play in international trade, and finds that small businesses are important to consider when assessing U.S. export potential and policy tools such as free trade agreements.”
Find the full Issue Brief here.
International trade makes up 30 percent of the U.S. economy, and U.S. exports of goods and services reached a record $2.3 trillion in 2014.1 While total exports have grown 44 percent since 2009, the pace of export growth has been slowing in recent years.2 U.S. businesses, particularly small businesses (firms with less than 500 employees), face a host of challenges when selling products and services abroad; these may include high tariffs, financial risks, and customs clearance delays. Despite the challenges, international markets offer businesses opportunity to reach new customers.