FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


U.S. Small & Medium-Sized Business Increase Exporting Appetite

September 13, 2013, 07:11 AM
Filed Under: Industry News

A majority of small- and medium-sized businesses (85%) say they have the resources they need to expand their exporting operations, according to a survey by Bibby Financial Services.

"It has taken some time for President Obama's National Export Initiative (NEI), launched in 2010, to affect the confidence levels of U.S. small business owners," said Leigh Lones, CEO, Bibby Financial Services Americas, which offers import and export financing. "But they now say they have the right tools and level of support to fulfill the export potential of their business."

A Department of Commerce report issued last month suggests that they are acting on their convictions. June 2013 U.S. International Trade in Goods and Services data shows "U.S. exports of goods and services rose to $191.2 billion, with monthly exports reaching an all-time record."

Additional key findings from the survey include:

  • 50% of American exporters expect to see business growth in the next 12 months.
  • Remaining skepticism about exporting centered on a lack of access to funding from government and traditional finance sources.
  • Exports are a large percentage of revenue in the U.S. as opposed to Europe, where firms in Germany and the U.K. attribute only 2% of exports to annual turnover.
  • U.S. businesses are still most comfortable exporting (and importing) from developed markets despite the well-documented potential of exporting to growth markets.
  • There is a need for more education about credit terms and trading cycles for exporting.

"Continued U.S. economic growth, along with increased demand from overseas firms, will continue to fuel confidence and momentum amongst small- and medium-sized businesses," added Lones.

The survey was conducted in Q1, 2013, by RSM on behalf of Bibby Financial Services via telephone interview among importers and exporters in the U.S. It was part of a global survey conducted by the U.K.-based company.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.