This Thomas Index Report is sponsored by Metal Craft Spinning and Stamping, a leader in the manufacturing of metal components of all shapes and sizes since 1964.
Hello. In this week’s Thomas Index Report, we’re going to take a look at sourcing activity for Exporters, Importers & Related Services by users of the Thomasnet.com platform. Our data shows that over the past 12 weeks, that sourcing activity in this category is up 10% over its historical average.
Our firmographic buyer data shows that 3 of the top industries driving this trend are transportation & logistics, telecommunications, and software & technology.
While 97% percent of American businesses that export goods and services to other countries are categorized as small businesses, only 1% of America’s 29 million small businesses are actually involved in exporting according to data from the U.S. Department of Commerce. When you consider that more than 9 out of 10 of the world’s consumers, and three-quarters of the world’s purchasing power, is outside of the United States, exporting presents a huge opportunity for businesses to expand.
In fact, U.S. companies shipped over $1.6 trillion worth of goods around the globe in 2018, despite the budding trade war. Unfortunately, the overwhelming majority of small business owners shy away from the benefits of exporting, citing challenges like a lack of knowledge about customs issues and foreign markets, distance and language barriers, an uneven playing field with foreign competitors, and more.
In many cases, they’re simply just not sure how to get started. If you’re one of those businesses and you’re interested in reaching more of a global marketplace, visiting Export.gov is a great first step. It’s a site put together by the Department of Commerce’s International Trade Administration, specifically to help U.S. businesses learn the ropes when it comes to exporting, connecting with foreign buyers, and expanding operations into new markets.
Moving on from Exporting, here’s a look at the top 10 industrial product and service categories being sourced on the Thomasnet.com platform over the past 4 weeks.
- CNC Machining
- Printed Circuit Boards
- Metal Stampings
- Injection Molded Plastics
- Metal Fabrication
- Tube Fabrication & Bending Services
- Plastic Bottles
- Nutritional Supplement & Vitamin Contract Manufacturing
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Thanks for watching, and I’ll see you next week.