Singapore SMEs see international markets as the key to their growth plans, with 71% of respondents claiming that they are more likely to forecast growth revenue from international exports than from domestic business in the next five years, according to a study commissioned by FedEx Express (FedEx).
The independent study, titled "Global Opportunities: Examining Import and Export Trends Among Small Businesses," also reveals that only 41% of Singapore SMEs export to other markets. However, 67% of the respondents also believe that they will generate international revenue in five years’ time.
SMEs polled said that they view Central & South Asia as the regions with the greatest export potential followed by Europe and the Middle East.
The study’s figures demonstrated the significant revenue opportunities that exist across APAC for Singaporean SMEs, with the survey revealing that the country’s SMEs generate an average of $US 1.3 million per year from exports, lower than Hong Kong and Taiwan whose SME segments generate US$2.6 million and US$2.8 million respectively.