Did you know that 97% of U.S. exporters are small businesses? This according to a report from SCORE. where it gathered statistics indicating that small businesses are the main players in the United States export market.
Here are some interesting statistics:
Small businesses make up 97% of U.S. exporters, and are steadily gaining a more proportionate revenue share:
- In 2002, only 27% of revenue from U.S. exports went to small businesses.
- By 2014, that rate had risen to 33%.
International trade is a key driver of small business success:
- U.S. companies that export grow faster and are nearly 8.5% less likely to go out of business than non-exporting businesses.
- 26% of companies that trade internationally significantly outperform their market.
Small businesses export to:
- Grow sales and profits
- Diversify and expand customer base
- Increase stability in light of U.S. economic challenges
On average, becoming an exporter takes less than a year:
- 48% of businesses reported that it took a few weeks to launch their exports
- 25% reported a few months
- 11% reported several months
- 7% reported a year or more
Less than one percent of America’s 30 million companies export their products and services. 63% of non-exporting small businesses expressed the following concerns:
- 39% say their goods are not exportable.
- 37% don’t know how to start.
- 24% worry about not getting paid.
- 24% cite regulatory barriers.
- 15% say it will disrupt domestic sales.
