May is strongest month year-to-date for exports
WASHINGTON, July 14 /PRNewswire-USNewswire/ -- U.S. exports of goods and services increased by 17.7 percent during the first five 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 remains on track to meet President Obama's goal of doubling exports and supporting two million American jobs over the next five years.
"This data reinforces the strong growth to date in U.S. exports in 2010," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Ex-Im Bank financing has supported an estimated 150,000 U.S. jobs in the fiscal year to date. The Bank will continue to use all of its resources to support the president's goal by reaching out to even more U.S. businesses, especially small businesses, to help them export and, in the process, create more American jobs."
Data highlights include:
- U.S. exports totaled $739.5 billion during the January-through-May period of 2010, up 17.7 percent from the same period of 2009.
- The May export figure is the strongest year-to-date, as well as the strongest monthly performance since September, 2008.
- Among the major export markets, the largest percentage increases in goods exports occurred in Taiwan (68 percent), Korea (56 percent), Malaysia (51 percent), Singapore (45 percent), Philippines (45 percent), Czech Republic (44 percent), Indonesia (42 percent), Thailand (41 percent), China (39 percent) and Colombia (38 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, provides export financing that helps strengthen U.S. export competitiveness, and creates and maintains 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 year 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 nine months of FY 2010 (through June 2010), Ex-Im Bank authorized $17.4 billion in loans, guarantees and insurance – more than total authorizations for all of FY 2008. For more information, see Ex-Im Bank's Web site at www.exim.gov.
SOURCE Export-Import Bank of the United States