News from 2021-05-03 / KfW Research
KfW Internationalisation Report 2021
The coronavirus crisis has left a deep mark on the German SME sector. SMEs that generate part of their turnover abroad were hit particularly hard. They were more likely than other SMEs to suffer a decline in demand, shrinking sales territories and disrupted supply chains. Estimates put the decline in SMEs’ international turnovers at a significant 17% in 2020, down to around EUR 494 billion after some EUR 596 billion in the pre-pandemic year 2019. The experience of the crisis is likely to have a lasting impact on SMEs’ global integration. Many businesses want to focus more strongly on domestic customers and suppliers in the years ahead. On the other hand, large SMEs in particular want to diversify their international business more. Only very few intend to withdraw from global value chains – the international division of labour continues to provide advantages despite the coronavirus crisis.
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