It was two years ago that President Obama sought to jumpstart the country’s export figures, aiming to at least double the total value of U.S. items exported by local companies over a five-year period.
So far, small businesses in the country are making progress toward that goal.
Preliminary figures show that 35 percent of all exports in the third quarter of 2011 were by small companies. Those small companies, defined as entities with fewer than 500 workers, accounted for only 32.8 percent of U.S. imports in 2009. The improvement is detailed in a report that will be released in April, according to Businessweek.com.
Experts say that 98 percent of all U.S. exports comes from small- and medium-sized companies. However, those companies only combined for about 30 percent of value of all U.S. exports.
Since the president announced the export initiative, the government has tried to help U.S. companies export goods and services to more foreign partners by making technical assistance and export-related financing more available.
Obama said in his State of the Union address last month that the country is on track to meet double U.S. exports ahead of the 2015 deadline.
Obama’s export goal, named the National Export Initiative, specifically seeks the country’s export total to reach at least $3.14 trillion by 2015.