Top 5 Countries for Small Business Exports
The Australia-U.S. Free Trade Agreement did away with problematic tariffs, opening up new opportunities for U.S. companies. The U.S. Department of Commerce reports that Australia has had over 20 years of uninterrupted annual growth, has the world’s 12th largest economy and is the U.S.’s third largest trading partner. While Australian markets are competitive with those from the U.S., there are good prospects for exporters of precious stones, chemical products, pharmaceuticals, chemical products and medical instruments.
The North American Free Trade Agreement has helped make the country that’s just south of the border the U.S.’s second largest export market and the third largest trade partner, according to the U.S. Department of Commerce. Some of the best sectors to sell to include those in the education services, energy, security, transportation, construction, tourist and auto parts industries.
3 United Kingdom
While the U.K. is geographically small, it has great purchasing power. It has few trade barriers, the third largest economy in the European Union and the sixth largest economy in the world. As the fifth largest consumer of goods from the U.S., hot exports include electronics, safety equipment, health-care items and items used in the aerospace and automotive industries.
China is the U.S.’ second largest trading partner. According to the U.S. Department of Commerce, slow growth in China’s gross domestic product (GDP) has helped increase the export of U.S. goods into the country. Consequently, there’s a boom in high-end consumer goods, tourist-related services and education.
Canada is the nation’s largest export market, according to the U.S. Department of Commerce, accounting for almost 20 percent of the goods exported from the U.S. Because of Canada’s close proximity and the fact that it’s one of the most accessible markets in the world, the country is a good option if you want to expand your sales. Markets that are particularly hot are those in the automotive, aerospace, renewable energy and safety industries.