Sen. Amy Klobuchar held a hearing Tuesday in Washington into how government export promotion resources can help small businesses boost their product sales oversees.
Exporting seems like an opportunity for American small businesses to grow. Less than one percent of U.S. businesses export and 60 percent of those only export to one country, the Klobuchar office said. Also, 30 percent of businesses said they would be interested in exporting, but did not know where to begin.
“Given the importance of exports to our national economy, both today and in the future, we need to make sure we’re doing all that we can to promote American businesses in foreign markets, especially small businesses," Klobuchar, the chair of the commerce committee’s subcommittee on competitiveness, innovation and export promotion, said in a prepared statement.
In export promotion, the U.S. is outspent by many countries, including, Spain, the United Kingdom, Italy, France, Korea, Canada and Japan.
“Small businesses are the backbone of our economy and helping them export their products will be increasingly important,” said Klobuchar. “As China, India and other developing countries gain more purchasing power, they will become our potential customers.”