The Small Business Administration detailed in a new report that there are approximately 1.3 million U.S.-based small businesses that export products, a nearly five-fold increase over previous estimates.
The study on the Total Addressable Market of small business exporters in the U.S. shows that the main export products are in manufacturing, medical equipment, wholesale, plastics and chemicals and computer systems design industries, SBA said Tuesday.
Exporting small businesses also include architectural and engineering, management consulting, legal and software service providers.
“SBA’s new research gives insight into the broader impact and opportunity for America’s small business exporters, with findings showing significantly more small businesses exporting than previously reported,” said SBA Administrator Isabella Casillas Guzman.
According to Guzman, data from the report will enable the agency to help small businesses “grow and diversify their revenue through trade.”
SBA estimated that approximately 264,000 small businesses exported goods from the U.S. in 2020, excluding overseas shipments valued at less than $2,500.