SME exports: Destinations, dollars and opportunities

David Tinsley

Taylor Bowley

July 2026

Only a small share of US small and medium-sized enterprises (SMEs) export directly, but those that do play an outsized role in trade. Roughly 270,000 SMEs exported goods in 2023, representing around a third of the total value of US goods exports, according to the US Department of Commerce. SME exports are concentrated in major markets such as Mexico, the European Union, Canada and China, highlighting their importance to US trade.
Bank of America foreign exchange (FX) transaction data suggests a significant rise in net dollar inflows for SME exporters over the past two years, driven primarily by stronger foreign currency revenues being converted back into dollars. The increase appears broad-based across industries, with the largest gains in information and manufacturing, potentially reflecting stronger overseas earnings and incentives to fund domestic investment amid the US capex boom.
Looking ahead, a relatively firm dollar through the end of 2026 could create headwinds for SME exporters, but a weaker dollar and improving global growth in 2027 may provide a more supportive backdrop, according to BofA Global Research.

Read our full analysis for a more in-depth look at these trends.

Full analysis

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