U.S. Exporters Expect International Sales to Grow Amidst Trade Uncertainties – According to American Express Survey
Nine out of ten (90%) exporters see international markets as a major growth opportunity despite current global trade uncertainties, according to the 2018 American Express Grow Global Survey. The survey of over 500 U.S.-based small and mid-sized companies selling internationally found that although more than two thirds (71%) said that changing global economics are a significant challenge, 75% predict that the percentage of their company’s total revenue from exported goods or services will increase over the next 12 months and 76% expect growth over the next 5 years.
Additionally, the survey found key trends among U.S. companies with global sales:
- Technology is helping to identify markets and scale exports:
- More than four in ten (45%) identified new international markets to target based on their company’s website traffic
- Four in ten (43%) said technology that makes exporting easier to scale has changed their strategy in the last 12 months
- Market opportunities are shifting:
- When asked which region offered the greatest opportunity over the next five years, a quarter (25%) of exporters said North America (Canada/Mexico) – down from 34% in 2017 and 2016
- North American is now virtually tied with Asia (26%) and Europe (25%) as the top regions for international growth opportunities
- Global sales are supporting domestic business operations:
- Selling international has led 83% of companies to implement changes to the products or services that they offer and 84% to make adjustments (when necessary) to the way they market to domestic customers
- 85% of exporters report that selling internationally also impacts domestic hiring, in terms of attracting and retaining new talent
Additional survey results can be found in the news release here.