United States on Track To Double Exports in Five Years
WASHINGTON, June 17 /PRNewswire-USNewswire/ -- U.S. exports of goods and services increased by 16.9 percent during the first four months of 2010, according to data released by the Census Bureau and the Bureau of Economic Analysis of the U.S. Commerce Department. The United States is on track to meet President Obama's goal of doubling exports and supporting two million American jobs over the next five years.
"We continue to be encouraged by strong U.S. export growth in 2010. Ex-Im Bank is committed to supporting the president's goal by helping more U.S. businesses to increase or begin export sales and create more American jobs," said Fred P. Hochberg, Chairman and President of the Export-Import Bank of the United States (Ex-Im Bank).
Data highlights include:
- U.S. exports totaled $587.4 billion during the January – April period of 2010, up 16.9 percent from the same period of 2009.
- Among the major export markets, the largest percentage increases in goods exports occurred in Taiwan (75 percent), Korea (63 percent), Malaysia (50 percent), Turkey (49 percent), China (42 percent), Singapore (40 percent), Colombia (39 percent), Brazil (34 percent), Mexico (30 percent) and Hong Kong (28 percent).
The National Export Initiative is a presidential-level, government-wide export promotion strategy to help put Americans back to work and put the United States on a path to sustainable economic growth. In support of this effort, Ex-Im Bank is expanding its outreach efforts and working to make its financing products accessible to more exporters.
Ex-Im Bank, an independent, self-sustaining federal-government agency, exists to fill gaps in export financing, strengthen U.S. export competitiveness, and create and maintain U.S. jobs. 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.
In fiscal 2009, overall Ex-Im Bank financing totaled $21 billion, and authorizations supporting small-business exports reached a historic high of $4.4 billion, nearly 21 percent of total authorizations.
In the first eight months of fiscal 2010 (through April 2010), Ex-Im Bank authorized $14.7 billion in loans, guarantees and insurance – 70 percent of the total amount authorized in fiscal 2009. For more information, see Ex-Im Bank's Web site at www.exim.gov.
SOURCE Export-Import Bank of the United States