Statement on the Release of the National Export Initiative Report from Fred P. Hochberg, Chairman of the Export-Import Bank of the United States

WASHINGTON, Sept. 16 /PRNewswire-USNewswire/ -- The message today's National Export Initiative (NEI) report sends to American businesses is that their next customer could just as easily be in Sao Paulo or Shanghai as in San Francisco or Savannah. If we are going to cut the trade deficit, then we have to focus on the thing we can control the most – our export capacity.  It starts with making small and medium sized businesses aware of the export opportunities that exist and the financing we offer to turn opportunities into real sales and jobs.. That's a mission the Export - Import Bank of the United States is taking on directly.  As part of the NEI, Ex-Im has increased its loan approvals by nearly 20% thus far this fiscal year. When FY 10 closes on September 30th, we will have authorized $25 billion in loans that will produce $31 billion in exports, representing over 200,000 American jobs.

We have begun ramping up efforts to build awareness of export credit products for small and medium sized businesses and are extending more export credit through our existing and new financing products.  In fact, yesterday the Ex-Im Board of Directors approved a $100 million transaction as part of our new Supply Chain program to help suppliers of large exporting corporations benefit from sales abroad.  In addition, Ex-Im is streamlining the application and review process to make it even easier to do business with us.  

As the Administration continues its work to strengthen our nation's economy through increased exports, Ex-Im Bank is redoubling our outreach and financing opportunities to U.S. companies and their workers.

The Export-Import Bank of the United States is the official small business export credit agency of the federal government.  Its mission is to help U.S. businesses increase sales abroad at no cost to American taxpayers. Since 1992 Ex-Im has returned $5 Billion to the U.S. Taxpayers.  

National Export Initiative Fact Sheet

The Report submitted to the President sets out the Export Promotion Cabinet's recommendations to the President for doubling exports over 5 years, thereby creating and sustaining American jobs. It is an important milestone in reaching our goal. The NEI Report focuses its recommendations in eight areas:

Small and Medium-Sized Enterprises (SMEs): a National Outreach Campaign Trade Promotion Coordinating Committee (TPCC) agencies to raise awareness of export opportunities and government export assistance for U.S. small and midsize companies; a re-launch of export.gov, the Government's export internet portal, with new export training opportunities to help companies learn how they can begin selling their products overseas or break into new markets if they're already exporting.

Federal Export Assistance: bring more international buyers to U.S. trade shows and encourage more U.S. companies to participate in major international trade shows. For the first time, implement a government-wide export promotion strategy for six newly designated "next tier" markets (Colombia, Indonesia, Saudi Arabia, South Africa, Turkey and Vietnam).

Trade Missions: substantially increase the number of trade missions abroad, particularly those led by senior U.S. Government officials, and foreign buyer trade missions to the United States.

Commercial Advocacy: level the playing field for companies bidding on projects abroad through improved coordination among government export promotion programs; formalize a path to escalate, for the first time ever, critical advocacy projects for direct White House and National Economic Council involvement where necessary.

Increasing Export Credit: extend more export credit through existing U.S. government (particularly Ex-Im Bank) credit platforms and new products; increase outreach to exporters, foreign buyers, bankers, and other entities in order to build awareness of Government assistance; and make it easier for exporters and other customers to use Government credit programs by streamlining applications and internal processes.

Macroeconomic Rebalancing: work to sustain a strong global economic recovery through concerted and continued efforts by the U.S. and its G-20 partners to ensure that the global economy shifts smoothly to more diversified sources of economic growth. Over the medium-term, shifts in the composition of economic growth in our trading partners will be crucial to U.S. export growth, in particular a broad range of countries need to take policy actions to reduce their surpluses by stimulating domestic demand and thereby increase their demand for imports.

Reducing Barriers to Trade: take steps to improve market access overseas for our exporters by removing trade barriers and enforcing trade obligations. Among other things, conclude a successful WTO Doha Round that achieves meaningful new market access in agriculture, goods and services, conclude the Trans-Pacific Partnerships Agreement to expand access to key markets in the Asia-Pacific region, resolve issues with pending FTAs such as the one with Korea, and address foreign trade barriers.

Export Promotion of Services: though it is the largest component of the U.S. economy and job growth, services don't receive the same focus as goods. The recommendations in this section increase the focus on services and call for better data and measurement of the services economy to inform commercial decision-making and policy planning.

SOURCE Export-Import Bank of the United States