Most Small and Medium-Sized Business Leaders in the US Believe Trade is Essential for Business Expansion

Small and medium-sized businesses (SMBs) in the United States are heavily reliant on international trade, according to the results of the 2024 FedEx Trade Index Survey. The survey, conducted among 1,000 SMB leaders between February 14 and 24, 2024, offers insights into the intricate relationship between trade, technology, and policy in driving U.S. business growth.

The survey results reveal that 84% of leaders have experienced shipping delays and geopolitical disruptions as significant barriers. Despite these challenges, more than two-thirds of the respondents report a reliance on imported goods for production or distribution. This dependency on international trade is acknowledged as crucial, with 82% of SMB leaders acknowledging the role of imports in supporting domestic jobs.

The survey also sheds light on the importance of trade in job creation, with 85% of SMB leaders agreeing that trade plays a critical role in this area. Raj Subramaniam, President and CEO of FedEx Corporation, emphasized the necessity of reevaluating trade agreements to enhance market access for U.S. businesses. He stated that trade opens new markets for businesses of all sizes and offers opportunities for engagement.

Subramaniam's sentiments are echoed by the survey respondents, with 95% expressing optimism about global trade's potential to stimulate growth, create jobs, and foster innovation compared to a decade ago. An overwhelming 95% of respondents also support initiatives to retrain and upskill workers impacted by increased trade.

The de minimis provision, which simplifies the trade paperwork process for low-value goods, is considered crucial by 80% of business leaders. Eliminating this provision would negatively impact 80% of surveyed businesses' operations. The burgeoning growth of e-commerce and technological advancements are also identified as key drivers of business expansion, with 86% of SMB leaders acknowledging their importance.

The survey serves as a valuable tool for measuring the pulse of U.S. businesses on the global stage, potentially shaping future policies and strategies in the realm of international trade. The data from the survey presents a compelling narrative about the interconnectedness of global markets, with 75% of surveyed SMB leaders believing that trade directly benefits their operations.

FedEx's commitment to understanding and enhancing the trade environment for U.S. SMBs remains steadfast, moving over 15 million packages daily to more than 220 countries and territories. The organization's efforts in this area are crucial, given the significant role that international trade plays in the success of U.S. SMBs. The 2024 FedEx Trade Index Survey Results offer a comprehensive overview of this relationship, providing valuable insights for policymakers, businesses, and the public alike.