WASHINGTON, D.C., March 14, 2024 – FedEx Corp. (NYSE:FDX) released today the Small Business Commerce Index, a survey of U.S. small and medium-sized business (SMB) leaders about their perceptions of the economy and trade. The study, which analyzed how technology and other trade policies impact business growth in the United States, found that the vast majority of small and medium-sized businesses believe trade is essential to growing and expanding the US economy (88%) and growing jobs (85%). The Commerce Index consists of 1,000 SME leaders and was conducted by Morning Consult from February 14-24, 2024.
“Trade opens up new markets for businesses of all sizes and provides opportunities to engage at a time when connectivity is needed most,” said Raj Subramaniam, President and CEO of FedEx Corporation. “Policymakers must reprioritize ambitious trade agreements so that American companies can compete around the world, reach new customers, and set the rules for fair and smart supply chains that connect the global marketplace.”
More than two-thirds of small and medium-sized business leaders in the United States rely on imported goods for production or as goods for distribution domestically. These companies report that they export products that use imported materials, and 82% say that the ability to import products or components from abroad directly supports jobs within their companies. The majority of SME leaders believe that expanding trade to customers in other countries is a good thing, with nearly 9 in 10 citing the most important countries to maintain trade with as Japan, the UK and China.
The Commerce Index showed that e-commerce growth and technological advancement are vital for small and medium-sized businesses in the United States. More than 9 in 10 reported that e-commerce platforms were key to facilitating global trade, which was an important driver of their business growth (86%).
The Commerce Index also confirmed that U.S. small business decision-makers face additional challenges, with most reporting shipping delays or disruptions due to geopolitical issues as a major barrier (84%). Trade policies such as de minimis policies simplify trade paperwork processes by exempting low-value goods from customs duties and/or taxes. More than 8 in 10 U.S. small business leaders say eliminating business minimums will have a negative impact on their operations.
A majority of business leaders reported that compared to 10 years ago, they are more likely to believe that global trade stimulates growth, creates jobs, and fosters innovation. They also recognize the importance of retraining or retraining individuals affected by increased trade. An overwhelming majority (95%) supports prioritizing job retraining and upskilling among workers to help the United States compete globally.
FedEx regularly conducts this survey among small and medium-sized business leaders to measure the impact of trade on U.S. businesses and their growth. FedEx operates the world's most comprehensive transportation network, serving more than 220 countries and territories and moving more than 15 million packages daily.
For more:
2024 FedEx Trade Index Survey Results
To learn more about how FedEx views trade, visit trade.fedex.com.
