May is World Trade Month AND Small Business Month!

U.S. small and medium sized businesses (SMEs) generate 44 percent of U.S. economic activity [1] and are responsible for 14 to 22 percent of U.S. exports [2]. Empowering SMEs to grow exports has been an important point of emphasis in the Biden Administration. Secretary of Commerce Gina Raimondo cites the Administration’s goal to double the number of SME exporters assisted per year to 60,000 [3]. Increased support from U.S. export-focused institutions including Export-Import (EXIM) Bank, the Small Business Administration (SBA), and the U.S. Department of Commerce will help U.S. exporters better compete in global markets.​

According to Census Bureau data, of the approximately 1.8 to 2.3 million U.S. SMEs that could export their goods or services, approximately 240,000 exported in 2020 [4]. On 29 March, Virginia’s Small Business Development Center highlighted this issue at the NASBITE conference with a panel of industry experts moderated by Doug Palmer of Politico:  ​