As the economy recovers from the recession, small business exports are gradually increasing, drawing on a new set of international trading partners. Through a survey of 5000 business owners, the National Small Business Association and the Small Business Exporters Association have found that 52 percent of the enterprises increased exports over the past five years, up from 46 percent when the survey was last conducted in 2010.
After an initial drop following the recession in 2008, small business exports have steadily improved. During the recession, businesses hesitated to export their goods, fearful of the cost and risks of overseas trade. These concerns, when coupled with the difficulty of securing financing, resulted in the stagnation of small business exports.
US businesses have since turned to China as a major export market. In 2010, China became the second largest export market for the US. Canada remains the largest market for American exports. Great Britain occupies the number three position, with Mexico and Australia coming in as the fourth and fifth largest export markets for the US, respectively.
Small business owners, however, do not feel that exports are the only source of potential revenue. According to the survey, 54 percent of respondents reported that exports accounted for less than 10 percent of their business revenue, 12 percent stated that exports were responsible for half of their annual revenue, and 34 percent respondents said that exports bring in 10 to 50 percent of their total revenue.
This article was submitted by Rohit Arora, co-founder of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to