WASHINGTON, D.C., April 29, 2025 – Today, FedEx Corp. (NYSE: FDX) released its 2025 FedEx Small Business Trade Index, a survey providing insights into how U.S. small- and medium-sized business (SMB) leaders view and navigate global trade, with 95% of respondents calling global trade a good thing – vital to economic growth, business expansion, and innovation. Conducted by Morning Consult from March 25-31, 2025, the ninth iteration of the Index highlights SMB leaders’ strong participation in global markets, with 61% of respondents surveyed noting they export goods and 76% import products from other countries to create a product domestically.
SMB leaders still hold overwhelmingly positive views on global trade, despite barriers such as high fees, taxes, and regulatory complexity: 89% say trade is key to U.S. economic growth, and 78% believe increased trade benefits their businesses. Notably, when asked to compare their views on trade to a decade ago, 85% say they are more supportive of global trade today. These results are consistent with the annual Trade Index findings. When the survey launched in 2016, 71% of SMB leaders saw increasing global trade as improving the U.S. economy and today that number has risen more than 18 percentage points to 89%.
“Global trade has opened doors for our business that simply didn’t exist a decade ago,” said Dana Donofree, Founder and CEO of AnaOno, a Pennsylvania-based small business. “Tariffs and supply chain shifts have created real challenges, impacting our ability to provide products for our customers. Trade isn’t just part of our strategy—it’s central to our business.”
This sentiment was shared by a majority of respondents, with 73% of U.S. small- and medium-sized business leaders saying tariffs have been a barrier to their business internationally.
FedEx regularly commissions the Small Business Trade Index to understand trade’s evolving impact on U.S. SMBs. Operating the world’s most extensive transportation network, FedEx moves over 17 million packages a day, connecting businesses in more than 220 countries and territories.
To explore the complete findings of the 2025 FedEx Small Business Trade Index, download the full report.
2025 FedEx Small Business Trade Index Report
FedEx Small Business Trade Index Conducted and Prepared by Morning Consult March 2025 Methodology This poll was conducted between March 25 and March 31, 2025. The poll was conducted among small business decision makers, which are defined as those who work for companies with less than 500 employees and hold a position of manager or higher. 1000 small business decision makers were interviewed in the US. Interviews were conducted online using a panel of respondents. This data is not weighted, though basic stratification parameters for gender and region were in place during the sampling process. Results from the full survey have a margin of error of plus or minus 3 percentage points. 2 Key Findings • Global trade is seen as highly beneficial; growing the economy, facilitating businesses and creating jobs. Business leaders have grown more receptive to global trade in the last 10 years and see direct benefits for their businesses. China, Canada, and Mexico are considered the most important trade partners for the U.S.; most respondents believe we should maintain or increase trade levels across global partners. • Small businesses cite a variety of barriers complicating their ability to conduct business internationally. A majority of respondents (73%) said that tariffs had been a barrier for their business, with financial and regulatory challenges like fees (67%) and customs regulations (63%) as other barriers of concern. • Most small businesses import goods under the de minimis amount (65%) and most agree that the ability to import low value products or components supports jobs at their company (64%). Eliminating the de minimis provision would have an impact on their business model (80%). There is near universal support for USMCA (91%), with over half saying they strongly support it. The withdrawal of one of the countries would have at least a minor impact on small businesses (80%). • Technology is advantageous to small businesses as 9-in-10 agree that technology has improves efficiency, contributes to collaboration, and helps stimulate growth. To support this, 94% of business decision makers agree the U.S. should prioritize job retraining programs. 3 In what ways has your business had to change? Changing Businesses Changes in suppliers or supply chain 64% Invested in new innovative technology 58% Changed policies and procedures 55% Changed employee benefits 43% Many businesses reported making changes to their Applied for a new loan or grant 34% supply chains, e-commerce platforms, and policies or Invested in new innovative technology 79% Hired more employees 66% procedures due to issues related to trade. Laid off employee(s) 26% Had a hiring freeze 26% And were these changes that your business made due to issues related to trade? Changes in suppliers or supply chain 81% Added an e-commerce platform 69% Changed policies and procedures 69% Applied for a new loan or grant 64% Invested in new innovative technology 65% Hired more employees 54% Laid off employee(s) 62% Had a hiring freeze 63% 4 In general, do you think expanding trade and business opportunities between the United States and customers in other countries is a good or bad thing? Opinions Surrounding Global Trade PERCEPTIONS OF EXPANDING TRADE AND BUSINESS OPPORTUNITIES BETWEEN THE U.S. AND OTHER COUNTRIES A vast majority of respondents think 95% international trade is a good thing. 55% 40% 4% 1% Very good Somewhat good Somewhat bad Very bad Don't 1kn%ow / No opinion 5 Please indicate if you agree or disagree with the following statements... Opinions Surrounding Global Trade Strongly agree Somewhat agree Somewhat disagree Strongly disagree Don't know / No opinion % Respondents agree that trade is good for their Important business, creates opportunities, and is better Increasing trade between the U.S. and other countries will 60% 32% 92% for the economy. improve the economy overall Increasing trade between the U.S. and other countries will improve the business 54% 37% 91% prospects for businesses like mine Increasing trade will create opportunities and jobs 60% 30% 90% 6 How important do you think trade between the United States and the following countries is? Economic and Trade Very important Somewhat important Not very important Not at all important % Important Policy Argentina 22% 36% 28% 58% Brazil 26% 37% 27% 63% Though respondents overwhelmingly consider trade Canada 53% 34% 10% 87% with all countries to be important, Canada, China, the China 48% 35% 11% 84% EU, Japan, and Mexico are considered the most Colombia 23% 40% 26% 63% important U.S. trade partners. European Union 42% 37% 14% 79% Germany 33% 42% 17% 8% 75% India 27% 38% 24% 65% Japan 44% 36% 14% 80% Mexico 46% 38% 11% 84% South Korea 30% 38% 22% 68% United Kingdom 41% 37% 17% 6% 78% 7 And, should there be more trade, less trade, or the same amount of trade between the United States and the following counties? Economic and Trade More trade Less trade The same amount of trade Policy Argentina 32% 23% 45% Understanding the benefits of these trade Brazil 39% 21% 41% partners, most respondents want to see more Canada 57% 15% 28% or steady trade across major markets. China 43% 28% 29% Colombia 33% 22% 45% European Union 50% 15% 35% Germany 44% 19% 38% India 36% 25% 39% Japan 52% 17% 31% Mexico 50% 19% 30% South Korea 38% 22% 39% United Kingdom 48% 17% 35% 8 Which of the following comes closest to your view, even if neither is exactly right? Opinions Surrounding GLOBAL TRADE VIEWS Global Trade 3% 8% Respondents also agree that trade is key to growing both their business and the U.S. economy. 89% Trade is key to growing and expanding the U.S. economy Trade is NOT key to growing and expanding the U.S. economy Don't know / No opinion 9 In general, how do you think expanding trade and business opportunities between the United States and customers in other countries will impact United States job growth? Opinions Surrounding IMPACT OF EXPANDING TRADE AND BUSINESS OPPORTUNITIES Global Trade Significantly increase job growth 40% Decision makers agree that expanded trade leads to increased job growth. Moderately increase job growth 46% Moderately decrease job growth 7% Significantly decrease job growth 2% No effect on job growth 3% Don't know / No opinion 2% 10 Do you think increasing the amount of trade between the United States and other countries will help, hurt, or make no difference either way for your Opinions Surrounding business or company? IMPACT OF INCREASING THE AMOUNT OF TRADE Global Trade 6% 1% 14% Respondents believe that increasing global trade will benefit their business. 78% Help Makes no difference either way Hurt Don't know / No opinion 11 Comparing your view of global trade from ten years ago to today, do you now agree more or agree less with the following statements? Opinions Surrounding CHANGE IN GLOBAL TRADE VIEWS Global Trade % Agree More Global trade stimulates economic growth 49% 36% 12% 81% Respondent perceptions of global trade have become more positive compared to 10 years Global trade creates jobs and ago, including their views on how it fosters opportunities 48% 35% 14% 85% growth and innovation. I support global trade 51% 34% 12% 83% Global trade fosters innovation 46% 35% 15% 84% Much more Somewhat more Same Somewhat less Much less 12 To what extent are each of the following important in your decision-making? Small Business Decision Making % Important Decision makers value tools that help inform and Insights into customer satisfaction 87% and potential areas for improvement. 58% 31% 10% simplify their ability to trade including customer Comparative data on shipping costs, 92% insights and comparative data, as well as information transit times, and logistics providers. 55% 36% 8% on legal/regulatory requirements and tariffs/duties. Understanding landscape of my industry + identifying opportunities/ 59% 33% 7% 90% threats. Understanding the legal/ regulatory requirements for importing/ exporting 63% 28% 8% 92% specific goods. Understanding the tariffs/ duties imposed by different countries on 62% 31% 7% 91% specific goods. Real-time exchange rates to assess the impact on pricing and financial 51% 36% 11% 88% transactions. 13 To what extent do you agree or disagree with the following statements? Opinions Surrounding Technology Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree % Agree Decision makers believe technological Technology advancements in trade contribute to economic growth + 57% 34% 9% 87% advancements and innovations have had strong global collaboration. positive impacts in facilitating and improving E-commerce platforms facilitate global trade 54% 34% 10% 89% international trade. Technology has made trade more efficient and accessible 55% 35% 8% 87% Technology helps enhance transparency and traceability in supply 54% 33% 10% chains. 90% Technology improves the efficiency of international trade. 55% 34% 9% 88% Technology has improved the efficiency of transportation 53% 34% 10% 90% 14 What is the main reason why your business does not export goods or services to another country or import goods or services from another country? Export Concerns The impact of high fees, tariffs, and trade regulations is one of the top reasons for only 25% sourcing or selling domestically. 20% 14% 5% 3% 3% Fees and Tariffs Too many Lack of Another Don't know / taxes to import regulations information reason No opinion or export about the goods are too process high 15 Business Barriers Please indicate how much each of the following has been a barrier to your business internationally. Tariffs 38% 35% 18% 9% Tariffs are the greatest concern, followed Import/export fees 28% 39% 21% 12% closely by other regulatory and financial hurdles Changes in export rules 25% 40% 22% 14% to conducting business internationally. Shipping delays or distributions due to geopolitical issues 25% 39% 22% 15% Customs regulations 24% 39% 23% 14% Shipping delays or distributions due to environmental issues 22% 39% 24% 15% Communication 20% 38% 24% 18% The cost of a broker of international e-commerce consultant 19% 39% 24% 19% Availability of information regarding trade 19% 38% 27% 17% Data or term localizaiton for important trade terminology 20% 35% 28% 17% Currency conversion 16% 31% 28% 24% A large barrier Somewhat of a barrier Not too much of a barrier Not a barrier1 6at all How much do you agree or disagree with the following statement: 'Programs addressing job retraining and skills upgrade need to be a priority for the U.S. to compete globally.' Opinions Surrounding PROGRAMS ADDRESSING JOB RETRAINING AND SKILLS Job Retraining UPGRADE NEED TO BE A PRIORITY FOR THE U.S. TO COMPETE GLOBALLY 94% Respondents agree that job retraining needs to be a priority in the U.S. to better compete on 56% the international stage. 39% 4% Strongly agree Somewhat agree Somewhat disagree 17 Does your company… Dependency on Imported Yes No Don't know / No opinion Goods 2% 3% Nearly all respondents import goods from other 22% 25% countries to create and distribute products domestically. 76% 73% Import goods from other countries to Import finished goods from other create a product domestically countries to distribute domestically 18 How much of an impact have fees and tariffs had on the following? Impact of Fees and Tariffs A great deal Some Not much Nothing at all Respondents see tariffs having a significant impact on their business by increasing Final cost to U.S. customers 46% 44% 7% consumer costs, increasing the burden on the business, and limiting growth. On your company when buying products or parts internationally 43% 41% 10% The growth of your business 42% 40% 13% 19 How much do you agree or disagree with the following statements? Priorities and Opinions Surrounding Imported Goods 85% 84% 79% Respondents believe that imported goods help 9% 9% 11% the U.S. compete globally and the ability to import low value components supports their Strongly agree 42% 38% business. 42% Somewhat agree They also believe that job retention needs to be Somewhat a priority for the U.S. in generating more disagree Strongly disagree exports. 43% 46% 37% Neither agree nor disagree Goods imported from Programs addressing job The ability to import low other countries help U.S. retraining need to be a value products or businesses to compete priority for U.S. components supports globally. businesses to export jobs at my company. more goods to other countries. 20 Do you do the following? Small Business Imports IMPORTS AND EXPORTS and Exports Yes No 65% 64% Two-thirds of respondents import goods utilizing the de minimis exemption and export products that are built in part by imported goods. 35% 36% Import goods under de minimis Export any products that utilize value ($800) components imported to the U.S. 21 To what extent would the elimination of the de minimis provision impact your current business model? De Minimis Provision IMPACT OF THE ELIMINATION OF THE DE MINIMIS PROVISION 80% of respondents say that the elimination of 80% de minimis would impact their business. 40% 40% 20% It would have a major impact It would have a minor impact It would have no impact 22 Do you support or oppose the United States–Mexico–Canada Agreement, also known as USMCA? Economic and Trade Policy: USMCA USMCA Support A vast majority of respondents support the 91% USMCA. 52% 40% 7% 2% Strongly Support Somewhat Support Somewhat Oppose Strongly Oppose 23 Would the withdrawal of one of the USMCA countries (Mexico or Canada) have a major, minor, or no impact on your business? Economic and Trade Policy: USMCA COUNTRY WITHDRAWAL IMPACT Respondents would expect some level of direct 81% impact to their business if even Mexico or Canada left the USMCA. 40% 41% 15% 4% Major impact Minor impact No impact Don't know 24 If the United States would negotiate a traditional free trade agreement, which three countries or trading block would you prioritize? Economic and Trade FREE TRADE AGREEMENT COUNTRY/BLOCK PRIORITY Policy (Showing % Selected) United Kingdom 46% Respondents would want to see trade European Union 44% agreements through the UK, EU, Japan, and Japan 43% the CPTTP. Comprehensive and Progressive Agreement for Trans-Pacific Partnership 41% (CPTPP) India 21% Brazil 18% Vietnam 11% Argentina 10% Costa Rica 8% Ecuador 6% 25 APPENDIX How many total full-time employees, including the owner, are currently employed by your business? Business Structure 2-19 18% 100-500 41% Most respondents operate in a organization that has 20+ employees and is organized as either 20-99 41% a Sole-Proprietorship or an LLC. And, how is your business organized? 39% 35% 11% 7% 8% Sole Partnership Limited liability 4S Corporation 5C Corporation Proprietorship company, or LLC 27 Business Imports and Exports Does your business.. 77% A majority of respondents import and export goods with a quarter exporting services. 61% 26% 22% Import goods from Export goods to Export services to Import services from another country another country another country another country 28 Business Online Sales Does your business sell goods online? A vast majority of these businesses sell goods 88% online. 12% Yes No 29
For additional information on the company’s support for global trade, visit fedex.com/trade.
