Despite supply chain challengers and other complications, a solid 40% of small businesses in a new survey say they are regularly exporting goods and services. Published by the National Small Business Association, the 2022 Small Business Exporting Survey reveals that for most respondents, exporting remains only a segment of their business, although a significant 11% said it comprised more than half of their sales. An additional 14% said such sales make up anywhere from 21 to 50% of their sales. Not only did 40% of the respondents indicate they are selling to a customer outside the U.S., but 53% said they would be interested in doing so. In a summation accompanying the survey results, which was done in conjunction with the Export-Import Bank of the United States, it was noted that “small businesses today are thinking more globally and are seeking more international business opportunities.” The survey also notes that small business exporting is a relatively recent thing, with 39% of respondents saying they have sold goods and services overseas only in the last five years. A smaller group, at 14%, said they had done so in the last 6 to 10 years. Overwhelmingly, most respondents were exporting goods and serves to Canada, followed by the United Kingdom, Australia, Germany, and Mexico. Respondents revealed that they were doing less exporting with Asian countries most frequently associated in the public mind with trade. Japan, for example, represented only 26% of the countries receiving small business goods, followed by China at 23% and Korea at 18%. The report added that while small businesses are interested in increasing the export side of their portfolios, they don’t know how, indicating a need for the kind of “export-related assistance and education” that can be provided through such agencies as the Department of Commerce, the Small Business Administration, and the Export-Import Bank. By Garry Boulard
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