Examples were cited by firms in the aircraft, textiles and apparel, and movies and television industries, among others. In contrast, US SMEs state that, whether they are attending a trade fair or exhibiting, typically they must pay their own attendance fees and related travel expenses. They report that foreign governments also provide support for potential customers to travel to those markets to evaluate local products.
One company noted that the EU publishes a free, comprehensive market access database that permits EU-based firms to understand tariffs, taxes, and import requirements for exporting to overseas markets, and notes that an equivalent database would be a useful tool for US SMEs interested in exporting.
Related to the problem of gaining sufficient knowledge about foreign markets is the problem of finding reliable local representation overseas. SMEs in a number of industries, including medical devices and textiles and apparel, have noted that it can be difficult for them to find business partners or distribution agents in foreign markets. According to one industry source, compliance with the Foreign Corrupt Practices Act (FCPA) can further increase a US firm's risk in selecting important local business partners and arrangements.
Textile and apparel firms transform a basic fiber into a product, such as yarn or fabric, which is further manufactured into items such as apparel, sheets, towels, and textile bags for individual or industrial consumption. According to census data, in 2007, SMEs accounted for 88 percent of domestic textile enterprises and 92 percent of domestic apparel enterprises. It appears that larger firms are responsible for the majority of the exporting done by the industry. During that year, domestic SMEs accounted for 37 percent of textile exports and 56 percent of apparel exports by value.
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Fibre2fashion News Desk - India
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