Did You Know More Small Businesses are Exporters?
According to a new report from the U.S. Small Business Administration, 1.3 million small businesses are involved in the export market, a nearly five-fold increase over previous estimates. While that represents a sizeable increase in small business exporters, the agency also said research shows the potential market size could be as much as 2.6 million smaller companies, representing 42% of all small employer firms.
“We know that small businesses are the engine that drives the U.S. economy,” said SBA Associate Administrator for International Trade Gabriel Esparza, in a media release. “And we can now tell a better and more comprehensive story of the importance of exporting for small businesses.”
The new study showed the highest concentrations of small-business exporters and exports come from a variety of manufacturing, wholesale, plastics and chemicals, medical equipment, and computer systems design firms, as well as management consulting, architectural, engineering, legal, and software service providers. In addition, the research revealed that minority- and women-owned businesses were especially likely to export.