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The integration of SMEs in international trade : Internal and external Barriers

Tunis Business School - Model World Trade Organization April, 10th 2017

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The integration of SMEs in international trade :
Internal and external Barriers
Mahmoud Sami Nabi
University of Carthage (LEGI-EPT & FSEGN)
Tunis Business School
Model World Trade Organization
April, 10th 2017
2
Why SMEs are important ?
• The definition of SMEs varies across countries as well as international
organizations.
• The World Bank’s Enterprise Survey definition: Small enterprises are
firms with 5 to 19 employees; Medium enterprises are firms with 20-99
employees and; Large enterprises are firms with 100 employees or
more (Duval , D. and C. Utoktham, 2014)
• In Tunisia, is considered SME a firm with a number of employees
varying between 6 and 199.
3
• IFC : “SMEs account for about 90% of businesses and more than 50%
of employment worldwide. They are key engines of job creation and
economic growth in developing countries, particularly following the
global financial crisis.”
• World Bank (2015) : 600 million jobs are needed in the next 15 years
to absorb a growing global workforce. Most formal jobs in emerging
markets are with small and medium enterprises (SMEs), which also
create 4 out of 5 new positions.
• In Tunisia : SMEs contribute to approximately 2/3 of the economic
activity and 65% of the employment.
4
Duval , D. and C. Utoktham (2014) Trade and Investment Working Paper Series, ENABLING PARTICIPATION OF SMEs IN INTERNATIONAL
TRADE AND PRODUCTION NETWORKS: TRADE FACILITATION, TRADE FINANCE AND COMMUNICATION TECHNOLOGY, June 2014,
United Nation Economic and Social Commission for Asia and Pacific:
5
What are the type of constraints impeding the
participation of SMEs in international trade?
6
Study Guide for the Model WTO 2017 : The integration of SMEs in
international trade : Internal and external Barriers
The Team of the Model WTO at TBS : Youssef Ben Hadj Ahmed;
Chayma Hachani and Yasser Omar Baalouch; Aymen Karoui and
Khaoula Guebsi
Internal and specific
impediment
Financial constraints and
other exogenous factors
Trade Barrriers
Shortage in HR
Lack of Managerial skills
Credit rationing
Higher interest rates
Stringent requirement of
callateral
Short maturities
NTBs
Specific constraints to SMEs
Ad

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The integration of SMEs in international trade : Internal and external Barriers

  • 1. The integration of SMEs in international trade : Internal and external Barriers Mahmoud Sami Nabi University of Carthage (LEGI-EPT & FSEGN) Tunis Business School Model World Trade Organization April, 10th 2017
  • 2. 2 Why SMEs are important ? • The definition of SMEs varies across countries as well as international organizations. • The World Bank’s Enterprise Survey definition: Small enterprises are firms with 5 to 19 employees; Medium enterprises are firms with 20-99 employees and; Large enterprises are firms with 100 employees or more (Duval , D. and C. Utoktham, 2014) • In Tunisia, is considered SME a firm with a number of employees varying between 6 and 199.
  • 3. 3 • IFC : “SMEs account for about 90% of businesses and more than 50% of employment worldwide. They are key engines of job creation and economic growth in developing countries, particularly following the global financial crisis.” • World Bank (2015) : 600 million jobs are needed in the next 15 years to absorb a growing global workforce. Most formal jobs in emerging markets are with small and medium enterprises (SMEs), which also create 4 out of 5 new positions. • In Tunisia : SMEs contribute to approximately 2/3 of the economic activity and 65% of the employment.
  • 4. 4 Duval , D. and C. Utoktham (2014) Trade and Investment Working Paper Series, ENABLING PARTICIPATION OF SMEs IN INTERNATIONAL TRADE AND PRODUCTION NETWORKS: TRADE FACILITATION, TRADE FINANCE AND COMMUNICATION TECHNOLOGY, June 2014, United Nation Economic and Social Commission for Asia and Pacific:
  • 5. 5 What are the type of constraints impeding the participation of SMEs in international trade?
  • 6. 6 Study Guide for the Model WTO 2017 : The integration of SMEs in international trade : Internal and external Barriers The Team of the Model WTO at TBS : Youssef Ben Hadj Ahmed; Chayma Hachani and Yasser Omar Baalouch; Aymen Karoui and Khaoula Guebsi Internal and specific impediment Financial constraints and other exogenous factors Trade Barrriers Shortage in HR Lack of Managerial skills Credit rationing Higher interest rates Stringent requirement of callateral Short maturities NTBs Specific constraints to SMEs
  • 7. Source : “Projet de Développement de la Compétitivité et des Exportations DOCUMENT D’INFORMATION DU PROJET (PID)PHASE D’ÉVALUATION , » Rapport N° 78503 Les exportateurs existants et potentiels en Tunisie, généralement des PME dans les secteurs à fort potentiel, doivent relever les défis suivants: --> (i) identifier le bon marché cible, le segment de produit, et le canal de vente (ii) apprendre à adapter leurs produits pour ces marchés (iii) comprendre leurs concurrents (iv) lancer des campagnes marketing et de vente (v) former et embaucher de nouveaux travailleurs pour être prêt à répondre à la demande, (vi) livrer le produit à temps et percevoir le produit des ventes. 7 >> Internal impediments
  • 8. 8 •In April 2010, I conducted a study in cooperation with CJD Sousse on “SMEs and Export” (8 years old companies, 60% are using less than 60% of their production capacity, 100% would like to develop their exports activities, 40% have more than 5 year-experience in export • 50% are not exporting due to problems and constraints related to transport, bureaucracy , finance and insurance, competition. •75% identified an export opportunity to Europe • 50% % identified an export opportunity to an Arab country • Only 30% know the technical requirements by the identified export markets and 80% would like to know it. • 80% are exposed to financial problems constraining their effort to explore export opportunities. • Only 35% benefited from trainings proposed by the CEPEX whereas almost 60% benefited from FAMEX and/or FOPRODEX. >> A sample of SMEs in the region of Sousse (2010)
  • 9. 9 • 65% of the SMEs consider that the technical regulations are becoming more complex in recent years • 85% of the SMEs are willing to cooperate with other SMEs to improve their export performance. • 75% need to train their staff on the export techniques. • 60% are interested in cooperating with HEC Sousse to develop a business-oriented academic program in international trade.
  • 10. 10 Benoît Coeuré, Executive Board Member of the European Central Bank (ECB): “the ECB regards small and medium-sized enterprises (SMEs) as a crucial component of the euro area economy ... Moreover, these SMEs are highly dependent on bank loans which are supplied at a higher cost and with a higher rejection rate than for larger firms, due to asymmetric information” Ferrando, Annalisa & Mulier, Klaas, (2013), "Firms’ financing constraints: do perceptions match the actual situation?", Working Paper Series 1577, European Central Bank. >> Financial constraints
  • 11. 11 Source: Karen Gordon Mills (2015) "State of Small Business Lending : US and UK"
  • 12. 12 Yann Duval and Chorthip Utoktham, Trade and Investment Working Paper Series, ENABLING PARTICIPATION OF SMEs IN INTERNATIONAL TRADE AND PRODUCTION NETWORKS: TRADE FACILITATION, TRADE FINANCE AND COMMUNICATION TECHNOLOGY, June 2014, United Nation Economic and Social Commission for Asia and Pacific:
  • 13. •Total unmet demand for formal SME financing is estimated by IFC- AFME-Oliver Wyman (2014) to be 1.5 trillion USD (2/3 in emerging markets and developing countries). • A 2016 survey by the ADB covering 337 responding banks from 114 countries : Estimated global trade finance gap is $1.6 trillion. $692 billion of the gap is in developing Asia (including India and the People’s Republic of China). Source : "2016 Trade Finance Gaps, Growth, and Jobs Survey," ADB briefs No 64 - August 2016. • Access to credit is one of the main factors in explaining SMEs’ export performance (Source: Jinjarak, Y. et al (2014) "Does Finance Really Matter for the Participation of SMEs in International Trade? Evidence from 8,080 East Asian Firms," ADBI Working Paper Series). 13 >> A huge trade finance gap !
  • 14. • Ata et al (2013) : “Asia’s economic miracle is often associated with large, multi-national companies. While these organizations are important drivers of the region’s growth, SMEs have played a key role. However, unlike larger companies SMEs struggle with finance as a limiting factor rather than a lever for value generation” • A 2016 survey by the ADB covering 337 responding banks from 114 countries : 56% of SME trade finance proposals are rejected, while large corporates face rejection rates of 34% and multinational corporations are rejected only 10% of the time. • Firms report that 25% more trade finance would enable them to hire 20% more people. Source : "2016 Trade Finance Gaps, Growth, and Jobs Survey," ADB briefs No 64 - August 2016. 14  Proposition of Credit Facilitating Platform (Source: Ata et al (2013), "Financing SME Supply Chains,” Malaysia Institute for Supply Chain Innovation)
  • 15. 15
  • 16. Source : “Projet de Développement de la Compétitivité et des Exportations DOCUMENT D’INFORMATION DU PROJET (PID)PHASE D’ÉVALUATION , » Rapport N° 78503 Le financement des exportations demeure un problème, surtout pour les petites PME et les nouveaux exportateurs : Environ 40% des entreprises considèrent l’accès et le coût du financement bancaire comme leur plus grande contrainte (Enquête de 2012) --> Sur le plan de l’exportation, les PME ont été particulièrement touchées par la crise financière mondiale, ce qui a compliqué la diversification des exportations.
  • 17. 17 >> Trade Barriers (not specific to SMEs, but more pronounced…) > Transaction costs • The trade transaction costs are higher in developing countries and constitute the most important obstacle to benefit from the opportunities available at the international level (Ex: Wilson, Mann and Otsuki, 2003). •The transaction costs include : the inefficiency of the administrative processes in general and at the borders in particular ( Single Windows), regulations, tariffs and non-tariff barriers, the quality of the transit services. •Exemple: In average, 3 times more days, 2 times more documents and 6 times more signatures to trade with African countries relatively to high income countries (World Bank’s Doing Business report).
  • 18. • Countries where firms should support higher costs than their competitors for energy, financial services, telecommunications, customs, transport, logistics, administrative procedure, will not be competitive on the international markets. • For some key Tunisian sectors in manufacturing and services, the logistic costs represent 20% to 73% of the gross markup (2010). Sources: Wilson,John S. & Mann, Catherine L. & Otsuki, Tsunehiro, 2003. "Trade facilitation and economic development : measuring the impact,“ Policy Research Working Paper Series 2988, The World Bank. “Projet de Développement de la Compétitivité et des Exportations DOCUMENT D’INFORMATION DU PROJET (PID)PHASE D’ÉVALUATION , » Rapport N° 78503 18
  • 19. A concerted effort to reduce trade costs could yield huge benefits. Reducing trade costs to 50% of those incurred by most efficient countries could increase world GDP six times more than if all remaining import tariffs were removed ("Enabling Trade Valuing Growth Opportunities" (World Economic Forum, Bain & Company andWorld Bank, 2013). 1 9
  • 20. Source : The Global Enabling Trade Report 2012 >> The most problematic factor for exporting 2 0
  • 23. 23 Results of a questionnaire submitted to participants to the "OIC High Level Forum on Trade Facilitation“ ? – Morocco, February, 2013. (Nabi, M.S. and Chachi, A. mimeo, IRTI-IDB, 2013) 17 countries 22 respondents >> Constraints on intra- OIC trade
  • 24. 24 Source: Nabi, M.S. and Chachi, A. mimeo, IRTI-IDB, 2013.
  • 25. «…transport constraints and inefficiencies in customs clearance processes, are important in explaining the MENA region’s underperformance in trade. » Source : « Constraints on Trade i n the MENA Region, » R.Bhattacharya et H. Wolde, IMF WP/10/31, 2010 25
  • 26. 26 Les procédures de contrôle d’importation et d’exportation et les délais nécessaires pour dédouaner les conteneurs dans le port de Radès nécessitent davantage d'amélioration qui exige 6 jours en moyenne. Source : “Projet de Développement de la Compétitivité et des Exportations DOCUMENT D’INFORMATION DU PROJET (PID)PHASE D’ÉVALUATION , » Rapport N° 78503
  • 27. >> High levels of NTBs 2 7
  • 28. 28 28
  • 29. 2 9
  • 30. Technical regulation: “Regulation that provides technical requirements (either directly or by referring to - or incorporating - the content of a standard), technical specification or code of practice.” (WTO) Standard: “Document, established by consensus and approved by a recognised body, that provides, for common and repeated use, rules, guidelines or characteristics for activities or their results, aimed at achievement of the optimum degree of order in a given context.” (WTO) 3 0 In some tunisian sectors, recent technical requirements in the export markets (like improving the tracability of the products (namely in the agrifood industry) create additional constraints in the domestic supply chain. Source : “Projet de Développement de la Compétitivité et des Exportations DOCUMENT D’INFORMATION DU PROJET (PID)PHASE D’ÉVALUATION , » Rapport N° 78503
  • 31. Source : Spencer Henson (2010) “THE TECHNICAL REGULATIONS AND STANDARDS LANDSCAPE” WBI Course on Food and Agricultural Trade for MENA 3 1
  • 32. Standards and Sanitary and Phytosanitary Measures in Arab Regional Trade Agreements…The interviews revealed that : -- Abuse of standards and SPS measures continue to be a major problem for specific goods in a number of countries. -- In some cases, conformity assessment procedures in terms of expensive testing seem to be the major standards and SPS related problem. … Ghoneim, Ahmed Farouk (2010) "NTBs, Standards and SPS Facing Agricultural and Processed Food: A Regional Perspective for Intra-Arab Exports"(WBI, JVI 6-9 April, 2010)
  • 33. 33 Ghoneim, Ahmed Farouk (2010) "NTBs, Standards and SPS Facing Agricultural and Processed Food: A Regional Perspective for Intra-Arab Exports"(WBI, JVI 6-9 April, 2010)
  • 34. 34 Ghoneim, Ahmed Farouk (2010) "NTBs, Standards and SPS Facing Agricultural and Processed Food: A Regional Perspective for Intra-Arab Exports"(WBI, JVI 6-9 April, 2010)
  • 35. 35 New tendencies and emerging Solutions
  • 36. • Meeting on the role of the private sector to improve the implementation of the « Road Map for enhancing intra-OIC trade », (Jeddah, June 2011) recommended multiple actions. Trade finance. • Develop and introduce new mechanisms/tools aimed at increasing financing for SMEs (Enable SMEs to access financing better and more easily) (Financing of imports, pre-exports, pre-shipment and the domestic purchase of commodities and goods…) •The 5th OIC Consultative Group Meeting on enhancing intra-OIC trade (February 2013, Casablanca, Morocco) recommended the establishment of Trade Finance Support Schemes, as one of the driving factors, to accelerate the dynamic of the intra-OIC trade. 36 >> International institutions are supporting trade finance programs
  • 37. 37 Trade finance: Access to trade credit is an important determinant of the ability of firms to engage in trade. IFC is proposing to increase its short-term finance products, especially trade finance, with its focus on frontier countries and on MSMEs.
  • 38. 38
  • 39. 39
  • 40. • Most of the countries are stabilizing the macroeconomic environment and creating an incentivizing microeconomic framework  catalyze the productivity gains and enhance competitiveness at the international level. Example: supporting firms in the process of certification and compliance with the international standards and technical requirements. • Reducing the coordination problems (market inefficiency, bureaucracy,…), improving the access to goods (inputs) and services with comparable quality, prices relatively to the competitors. >> Facilitating the connection to the global value chain and eliminating the barriers between the on-shore and off-shore sectors within an economy : enabling domestic firms to supply goods and services to foreign firms hosted by the national economy. >> Governmental support
  • 41. • « We find evidence that services grease the wheels of international commerce: A greater availability of services across regions, industries and time increases a firm’s foreign sourcing of materials relative to sales. » « We provide systematic evidence that intermediaries play an important role in facilitating trade using a firm-level of China's exports. Intermediaries account for around 20% of China's exports in 2005. This implies that many firms engage in trade without directly exporting products. Source: Ahn et al. (2011), "The role of intermediaries in facilitating trade," Journal of International Economics, Elsevier, vol. 84(1), pages 73-85, May. Peter Debaere & Holger Gorg & Horst Raff, 2010. "Greasing the Wheels of International Commerce: How Services Facilitate Firms' International Sourcing," Kiel Working Papers 1591, Kiel Institute for the World Economy.
  • 42. 42 • Supply chain production offers SMEs new trade opportunities, which allows them to specialize. • Foreign direct investment (FDI) will become less dominated by developed countries. Large firms from emerging economies will invest in low-income countries and provide opportunities for local SMEs to become suppliers.  opportunities for SMEs to feed into regional production networks that serve international demand. A precondition is that regional integration efforts succeed in eliminating barriers to trade and investment flows, both intra-regionally and globally. Source : InternationalTrade Centre (ITC) (2014) "50Years of Unlocking SME Competitiveness: Lessons for the Future." • The increase of the intra-regional is associated with a growing interconnectedness of production processes across the countries : specialization in particular stages of a good’s production  “international production networks”/ “global value chains” >> Connecting SMEs to global supply chains
  • 43. 43 Ganeshan Wignaraja (2013) "Do SMEs matter in Asian production networks?" in "The Future of the World Trading System: Asian Perspectives," Edited by Richard Baldwin, Masahiro Kawai and Ganeshan Wignaraja, CEPR and ADB Institute. SMEs do matter to some extent in Asian global production networks, particularly in more industrially developed ASEAN economies (like Malaysia and Thailand), thereby suggesting a large potential role for SMEs in global production networks. Nonetheless, it also seems that SMEs in several ASEAN economies are at a disadvantage for participation in production networks compared with large firms. SMEs face, to a greater extent than large firms, resource constraints (in terms of finance, information, management capacity, and technological capability). Moreover, SMEs suffer disproportionately from external barriers like market imperfections and regulations.
  • 44. 44 • Declining costs and the increasing power of information technology products and services will allow SMEs to connect to buyers and suppliers more directly.This will enable them to tap into much larger international markets and to source inputs from a broader range of suppliers. • Information technologies, the Internet and social media platforms allow small businesses to enter global markets, sometimes bypassing local markets.The increasing availability of digital technologies will generate new opportunities for SMEs to sell services. Source : InternationalTrade Centre (ITC) (2014) "50Years of Unlocking SME Competitiveness: Lessons for the Future." >> Fostering the connection of SMEs to global supply chains through technology
  • 45. 45 Tunisia is well positioned to become a regional champion in innovation and entrepreneurship if it recognizes the potential of young aspiring businesswomen and businessmen.
  • 46. 46 Source: World Bank (2015) "Crowdfunding's Potential for the Developing World" >> « Crowdfunding»
  • 47. 47 L’émergence du crowdfunding a eu lieu à la suite de la crise financière de 2008 en raison des difficultés des entreprises en phase d’amorçage à lever des fonds (BM, 2015) Source: Karen Gordon Mills (2015) "State of Small Business Lending : US and UK"
  • 48. 48 La contribution attendu du crowdfunding dans les pays en développement : - Améliorer l’accès au financement pour les PME, - Favoriser l’émergence d’une nouvelle génération d’entrepreneurs innovants, - Soutenir l’accès aux marchés extérieus (exportations) - Catalyser l’entraide entre les différentes couches sociales -- Financer la R&D dans des secteurs telles que l’énergie renouvelable
  • 49. 49 Source: Baromètre du Crowdfunding - 2015 - Financement Participatif France
  • 50. Market AnalysisTools Source : http://www.itc-learning.org/course/view.php?id=38