A global research study commissioned by FedEx Express on small and medium-size enterprise (SME) exporting trends has revealed that Singapore SMEs that export to overseas markets generate the highest average annual exporting per-company revenue at US$2.21m, accounting for as much as 87 per cent of their overall revenue. This is ahead of the global average of US$1.5m.
Entitled Global Trade in the Digital Economy: Opportunities for Small Businesses, the independent study also showed that exporting is the main growth driver for Singapore SMEs. Intra and inter-regional exports in key sectors, such as manufacturing, wholesale/retail, and consumer products have helped local SMEs generate the highest average annual revenue of US$2.56m globally.
There is optimism that this growth trend will continue, with local SMEs forecasting 28 per cent and 25 per cent average growth in intra and inter-regional exports next year. Twenty-three per cent of the SMEs polled have increased the number of Full Time Employees in the past 12 months to help support business development.