Small- and medium-size enterprises in the Asia-Pacific region are optimistic about the growth of their exports, particularly within the region, according to a new study commissioned by FedEx Express.

“This highly incisive research reveals that, despite challenging global economic conditions, Asia-Pacific SMEs are sustaining their businesses by tapping into other Asian markets for growth opportunities,” said Karen Reddington, president of FedEx Express Asia Pacific. “What emerges is a broadly optimistic picture, with SME exporters in the region planning to embrace technology and the digital economy to help overcome a wide range of business challenges, from higher production costs to increasing competition.”

According to the study, 87% of Asia-Pacific SMEs expect their export revenue to remain stable or increase over the next 12 months, with an average predicted revenue growth of 22%.

About 88% of the SMEs export within the region, compared to the 50% that export to markets in other regions. In terms of future prospects, 47% predict a growth in their intra-Asia business while only 31% predict growth in exports to other regions.

The key driver of growth is e-commerce, which 44% of respondents say will generate higher revenues in the year ahead. Additionally, 47% and 49% expect increased revenues from mobile purchases and purchases made via social media platforms respectively.

The research study was conducted by Harris Interactive, which interviewed 9,000 senior executives in 17 markets across four global regions between August and September 2016, according to FedEx Express.