Overall U.S. Export Growth Continues
WASHINGTON, Oct. 14 /PRNewswire-USNewswire/ -- The Export-Import Bank of the United States (Ex-Im Bank) authorized a record $24.5 billion in export financing in fiscal year 2010 supporting $34.4 billion worth of exports and 227,000 American jobs at over 3,300 U.S. companies, said Ex-Im Bank Chairman and President Fred P. Hochberg, citing preliminary figures.
"I am proud of the results we have achieved during our second consecutive record-setting year," said Hochberg. "Two of our major priorities are to engage more small businesses and increase our renewable-energy portfolio. And we broke records on both fronts – approving a record $5 billion in financing for small companies and tripling our renewable energy export financing to over $300 million."
In FY 2010 Ex-Im Bank:
- approved 3,532 transactions, of which over 1,000 companies used Ex-Im financing for the first time;
- exceeded $75 billion in total export-financing portfolio;
- financed a $3 billion liquid natural gas project;
- in the smallest transaction of the year, provided a $5,400 short-term insurance policy to help a small company in California export health care products to Russia;
- introduced new products and services including:
- supply chain financing for small businesses
- "Solar Express" financing for renewable-energy projects
"While the Bank's 2010 performance is impressive, there remains enormous untapped potential for more American companies to sell more goods and services to more customers in more countries," said Chairman Hochberg. "And through improved customer service and increased outreach efforts, Ex-Im is committed to helping U.S. companies achieve this goal."
Export numbers released today by the U.S. Department of Commerce were also encouraging. Exports of U.S. goods and services increased 17.9 percent during the first eight months of 2010, according to data from the Bureau of Economic Analysis of the U.S. Commerce Department. The exports totaled $1,198 billion for the January-August period, up 17.9 percent over the same period of 2009. August 2010 exports totaled $153.9 billion, the largest monthly figure since August 2008.
Among the major export markets (defined as markets averaging at least $500 million per month in imports of U.S. goods), the largest percentage increases in U.S. goods purchases occurred in Taiwan (50 percent), Indonesia (46.6 percent), Korea (46.4 percent), Turkey (45.4 percent), Malaysia (43.5 percent), Brazil (40.9 percent), Singapore (39.4 percent), Peru (37.7 percent), China (35.6 percent), and Philippines (35 percent).
Ex-Im Bank, an independent, self-sustaining federal-government agency, helps create and maintain U.S. jobs by filling gaps in export financing and strengthening U.S. export competitiveness.
The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
U.S.-based companies interested in learning how to access export financing provided by Ex-Im Bank may call 1-800-565-3946 and select option 2 to be connected to Bank specialists in the nearest regional office. International buyers may contact the commercial officer at the nearest U.S. embassy or consulate.
SOURCE Export-Import Bank of the United States