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Midmarket companies have their eyes fixed abroad as growth opportunities outside the U.S. offer a way out of the sluggish economic recovery, one survey finds.
International business isn't just for large enterprises; midmarket companies are looking to overseas customers and partners to boost revenue and hasten their economic recoveries. eWeek reports:
U .S. midsize companies are increasingly pinning their growth plans on markets overseas even as the U.S. economic recovery slowly takes hold, according to the International Business Survey.
The U.S. component of the survey, conducted for the third year, polled nearly 650 U.S. senior financial executives from companies with annual sales between $20 million and $5 billion, a critical segment of the U.S. economy, accounting for nearly $8.2 trillion in annual sales.
The survey, released by HSBC's commercial banking division, found that the portion of U.S. executives planning to increase their overseas sales targets rose sharply to a survey high of 72 percent, up from 49 percent in 2008 and 56 percent in 2009. Fifty-six percent of the executives polled say their overseas sales are growing faster than domestic sales, a rebound from 52 percent last year though still below the 67 percent level seen in 2008.Respondents indicated that the most attractive countries for U.S. companies to do business with currently are Canada and the United Kingdom, which surpassed some of America's largest trading partners, including China, Germany and Japan.
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