Washington D.C., March 14, 2024 – FedEx Corp. (NYSE:FDX) todayreleased its Small Business Trade Index, a survey of U.S. small-and medium-sized business (SMB) leaders about their perceptions ofthe economy and trade. The study, which analyzed how technology andother trade policies impact U.S. business growth, found that a vastmajority of SMBs believe trade is essential to growing andexpanding the U.S. economy (88%) and growing jobs (85%). The TradeIndex was comprised of 1,000 SMB leaders and conducted by MorningConsult between February 14 and 24, 2024.
“Trade opens new markets for businesses of all sizes and offersopportunities for engagement at a time when connectivity is neededmost,” said Raj Subramaniam, President and CEO, FedEx Corporation.“Policymakers must reprioritize ambitious trade agreements so U.S.businesses can compete around the world, access new customers, andset the rules for fair and smart supply chains that connect theglobal marketplace.”
More than two-thirds of U.S. SMB leaders rely on imported goods forproduction or as merchandise to distribute domestically. Thesebusinesses report they export products that utilize importedmaterials, and 82% say the ability to import products or componentsfrom overseas directly supports jobs within their company. Themajority of SMB leaders believe expanding trade to customers inother countries is a good thing, with approximately 9 in 10identifying that the most important countries to maintain tradewith are Japan, the United Kingdom, and China.
The Trade Index demonstrated that the growth of e-commerce and theadvancement of technology is vital to U.S. small- and medium-sizedbusinesses. More than 9 in 10 report e-commerce platforms have beenkey to facilitating global trade, which has been an importantgrowth driver of their business (86%).
The Trade Index also confirmed that U.S. small business decisionmakers face additional challenges, with the majority reportingshipping delays or disruptions due to geopolitical issues as a mainbarrier (84%). Trade policies such as de minimis streamline tradepaperwork processes by exempting low-value goods from customsduties and/or taxes. More than 8 in 10 U.S. small business leaderssay that eliminating de minimis would have an adverse impact ontheir operations.
A majority of business leaders report that compared to 10 yearsago, they are more likely to believe global trade stimulatesgrowth, creates jobs, and fosters innovation. They also recognizethe importance of retraining or reskilling individuals impacted byincreased trade. An overwhelming majority (95%) supportprioritizing job retraining and upgrading skills among workers tohelp the U.S. compete globally.
FedEx conducts this survey among small- and medium-sized businessleaders regularly to measure the impact trade has on U.S.businesses and their growth. FedEx operates the most extensivetransportation network in the world, providing services to morethan 220 countries and territories and moving more than 15 millionpackages per day.
