WASHINGTON, DC, March 14, 2024 – FedEx Corporation (NYSE:FDX) today released the Small Business Trade Index, a survey of U.S. small business (SMB) leaders on their economic and trade perceptions. The study analyzed how technology and other trade policies affect U.S. business growth, and found that the majority of small and medium-sized businesses believe the U.S. economy will grow and expand (88%) and increase employment. (85%) believe trade is essential. The trade index is comprised of his 1,000 small business leaders and was conducted by Morning Consult from February 14 to 24, 2024.
“Trade opens new markets for businesses of all sizes and provides opportunities for engagement at a time when connectivity is needed most,” said Raj Subramaniam, president and CEO of FedEx Corporation. ” he said. “Policymakers will reprioritize ambitious trade agreements that help U.S. companies compete around the world, access new customers, and set rules for fair and smart supply chains that connect global markets.” There is a need to.”
More than two-thirds of small business leaders in the United States rely on imported goods for production or domestic distribution. These companies report exporting products that use imported materials, and 82% say that being able to import products or components from abroad directly supports employment within the company. The majority of small business leaders think it is a good thing to expand trade with customers in other countries, with around 9 in 10 saying the most important countries to maintain trade with are Japan, the UK and China. The answer is yes.
The trade index showed that growth in e-commerce and advances in technology are essential to U.S. small businesses. More than nine in 10 companies (86%) report that e-commerce platforms are key to facilitating global trade, making it a key growth driver for their business (86%).
The trade index also confirms that U.S. small business decision makers face additional challenges, with the majority reporting delivery delays and disruptions due to geopolitical issues as a major barrier ( 84%). Trade policies such as de minimis streamline trade paperwork by exempting low-value goods from customs duties and taxes. More than 8 out of 10 American small business leaders say eliminating de minimis will have a negative impact on their company's operations.
A majority of business leaders report that they are now more likely than a decade ago to believe that global trade stimulates growth, creates jobs and fosters innovation. They also recognize the importance of retraining and reskilling individuals affected by increased trade. An overwhelming majority (95%) support prioritizing worker retraining and upskilling to help the United States compete globally.
FedEx regularly conducts this survey of small business leaders to measure the impact of trade on U.S. businesses and their growth. FedEx operates the world's most extensive transportation network, serving more than 220 countries and territories and moving more than 15 million packages per day.
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2024 FedEx Trade Index Survey Results
For more information on how FedEx views transactions, please visit: trade.fedex.com.
