Small Business Trade

In 1950, trade accounted for less than 5.5 percent of U.S. economic growth. Today, it has become an integral part of everyday life, accounting for more than one-third of economic growth in 2007 (25 percent in 2000).  In fact, agriculture production from one in three acres is now exported. 

According to the Small Business Administration (SBA), U.S. companies exported $1,148 billion in goods and $497 billion in services for a total of $1,646 billion in 2007. These exports supported more than 16 million higher paying U.S. jobs, strengthened companies and farms, and improved our tax base while also sending important export revenue to local communities through restaurants, retail stores, and other businesses. 

Not only do small firms represent 99.7 percent of all employers and generate approximately 70 percent of net new jobs annually, they also account for 97 percent of all U.S. exports.  These facts highlight the need for an open, free trade policy to improve market access for business owners both large and small.  It is critically important that Congress approve outstanding trade agreements with Columbia, Panama, and South Korea.  With the United States' economy struggling to recover from the recent downturn, Congress should be doing everything in its power to create an environment for small businesses to prosper, expand, and create jobs.