Over $35.7 Billion in Export Financing Supporting 255,000 U.S. Jobs
WASHINGTON, Nov. 26, 2012 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) today released its Fiscal Year 2012 annual report-- a fourth consecutive record-breaking year with almost $35.8 billion in export financing that supported about $50 billion in exports and 255,000 American jobs.
"The 'Made in the USA' brand has never been stronger, fueled by the strength of American exporters and the work President Obama has done to grow our economy," said Fred P. Hochberg, Ex-Im chairman and president. "FY 2012 authorizations, at over $35.7 billion, were up about ten percent from the year before, and more than double the amount from FY 2008. In the past five years, U.S. exporters working with Ex-Im Bank have created or sustained over one-million private sector jobs. And we've done it all at no cost to the American taxpayer, as Ex-Im has sent $1.6 billion to the U.S. Treasury over the past five years."
"By these measures and others, the past five years have seen nothing less than a revolution in export-driven economic development," Hochberg said.
Among the highlights from the report:
- FY 2012's over $35.7 billion in authorized export financing was 10 percent greater than FY 2011, and more than double the amount from FY 2008.
- During the four years since FY 2008, the Bank has financed transactions that have enabled more than $170 billion worth of American exports, supporting nearly 1,000,000 American jobs.
- Since FY 2008, the volume of Ex-Im export financing directly benefitting American small businesses has nearly doubled from $3.2 billion to $6.1 billion in FY 2012, a 92 percent increase in four years.
- Support for women- and minority-owned small business exporters was one of the fastest growing market segments, with loans up almost 17 percent this year --- a new record.
- A four-year emphasis on "Government at the Speed of Business" has, in FY 2012, resulted in 90 percent of all transactions being processed within 30 days and 98 percent were processed within 100 days.
- In FY 2012, Ex-Im provided more than $5.1 billion in infrastructure-related financing, a 433 percent increase over FY 2008 and an enormous opportunity for American exporters.
- Geographically, Asia and the Middle East were the Bank's largest regions in FY 2012, with a $9.5 billion increase over FY 2011. Ex-Im supported exports in sub-Saharan Africa have tripled over the past four years.
"I couldn't be more proud of the men and women who are committed to the mission of Ex-Im Bank," Hochberg said. "They provide dedicated service, expertise, and professionalism to the U.S. companies with which we work."
The online version of the FY 2012 annual report is available at http://go.usa.gov/Yh3A.
About Ex-Im Bank
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
SOURCE Export-Import Bank of the United States