The export industry is increasing opportunities for small-business manufacturing. Small companies need to up their number of exports to compete with imported products, according to a report from Global International Sellers.
The most commonly exported products are electronics, medical and sporting equipment and automotive parts. Many foreign countries are buying U.S. goods because products are seen as high quality and trade markets are reliable.
Small-business exporters are increasing profitability, and there is growing interest from smaller companies that do not ship products overseas yet, The Associated Press reported. The potential to increase revenue is making exporting a more attractive prospect for small-business owners, despite the complexity of overseas trade regulations and international logistics.
Newer companies are more likely to take risks with exporting products and services. During the economic downturn, established businesses returned focus to the U.S. market, the source said. Some organizations are experiencing higher demand for their products overseas than in domestic markets, which is a reason to navigate the difficult trade regulations. Small-business owners can be more reluctant to take risks, but some are looking for new sources of revenue, and exports can help them increase profits.