Chairman’s Message

Creating a climate where American companies, and American workers, can compete and win in an increasingly competitive global marketplace is our top priority at the Export-Import Bank of the United States (Ex-Im Bank).

And we measure our success not only by how many exports we finance, we also measure it by lives changed — and communities transformed — by growing American export sales.

Our financing of U.S. exports supports good-paying American jobs that sustain communities during challenging economic times. It is helping to transform former steel and textile towns into platforms for advanced manufacturing exports. And it is helping to lay the foundation for building a more competitive, durable U.S. economy — one that is powered by manufacturing, services, investment and exports.

Third Consecutive Record-Breaking Year

With the close of fiscal year 2011, Ex-Im Bank reported a third consecutive record-breaking year of more than $32 billion in export financing, up 127 percent from FY 2008. These transactions supported an estimated $41 billion worth of American exports and approximately 290,000 American jobs at more than 3,600 U.S. companies.

The record year was fueled by our growth in financing American-made goods
and services to targeted countries such as Colombia and India – and
through financing for advanced manufacturing exports in sectors such as
satellites and solar cells.

It was led by our continuing to step in during tight credit markets and economic uncertainty to finance record exports of American-made aircraft, locomotives, and agriculture and power equipment.

It was driven by the dedication, leadership and expertise of the talented men and women at every level of Ex-Im Bank. Their unwavering commitment to American workers and businesses is what made this record year possible.

And it is important to note that the Bank was able to provide this record level of financing at no cost to the American taxpayer.

At Ex-Im, we are focusing on our customers. This has led to the creation of new products that better meet our customers’ needs, a commitment to streamlining our processes and a dedication to being an effective resource for our customers in an increasingly competitive global marketplace.

Supporting America’s Small Businesses

One of our central goals at Ex-Im Bank, and across the Obama Administration, is ensuring that more American small businesses have the access to capital they need to make exporting a growing part of their business operations.

In FY 2011, we provided more than $6 billion in financing and insurance for American small businesses — a record for the Bank and an almost $1 billion increase from FY 2010.

Since FY 2008, our small-business lending is up nearly 90 percent, filling an important gap during tight credit markets. In total, more than 85 percent of our work is for small businesses.

But it’s not enough. Today, 95 percent of consumers live outside the United States. American companies need to go where the customers are — and we can help them get there.

For small businesses to succeed, and our economy to grow, more companies need to target the global marketplace. We can’t do it unless small businesses are part of the solution.

That’s why we’ve set ambitious targets for ourselves. We’ve targeted $9 billion annually in small-business financing by 2015 — and we are looking to reach 5,000 new customers during that time period. These goals ensure that small businesses are front and center in our efforts to support President Obama’s goal of doubling exports by 2015.

If a small business is not exporting, we want to know why. We want to work with them to access these lucrative and promising markets.

Government at the Speed of Business

At Ex-Im, we are committed to helping more American companies sell more goods and services to more customers in more countries around the world. We are continually working to ensure what we call "Government at the Speed of Business."

This is more than a marketing slogan — it’s our operating principle. And to achieve it, we are laser-focused on customer service, reducing turnaround time and streamlining processes. Our goal is to complete 80 percent of our transactions in fewer than 30 days.

Nine-Country Strategy Showing Results

Last year, Ex-Im Bank launched a strategic review to determine the countries where our financing could be particularly effective for American companies. We analyzed countries based on GDP, infrastructure and impact. We narrowed our list down to nine countries: Mexico, Brazil, Colombia, Turkey, India, Indonesia, Vietnam, Nigeria and South Africa.

And while we continue to finance exports around the globe, this targeted strategy is paying off.

For FY 2011, Colombia, India, South Africa and Turkey have shown particularly impressive increases compared to FY 2008. Financing for U.S. exports to Colombia, for example, increased to $3.7 billion from $6.5 million, making it the fastest-growing country in our portfolio. India increased to $2.9 billion from $1 billion, making it our second-largest market, and Turkey increased to $2.1 billion from $586 million.

Global Infrastructure Opportunities

If you look around the globe today, you see a world that is building — and rebuilding — at a record pace. From roads and railways to ports and power projects, significant infrastructure investing is occurring in markets around the globe.

Global spending on infrastructure is forecasted to be in the range of 2 to 3 percent of global GDP, or $2 trillion per year for the next 20 years. That’s $40 trillion in global infrastructure opportunities for American companies.

At Ex-Im, we want U.S. companies to get their share of these opportunities. In FY 2011, we provided more than $23 billion in infrastructure-related financing. These transactions included projects in the transportation, power generation and mining sectors, among others.

This financing represents a 56 percent increase from 2010, and it includes financing for major projects in key markets such as India and Colombia, but it’s not nearly enough given the global opportunities.

In the year ahead, we are committed to working with more companies to bid on and win more global infrastructure projects.

National Export Initiative

All of our efforts at Ex-Im Bank are focused on supporting President Obama’s National Export Initiative (NEI) and the goal of doubling U.S. exports by 2015. 

Exports of U.S. goods and services represent a bright spot in an otherwise challenging economic environment. Exports were up almost 17 percent in 2010, putting the country on track to reach President Obama’s goal of doubling exports by 2015. And we built on that momentum in 2011.

At its heart, the NEI is about rebalancing our economy, moving away from a consumption-based economy to one more focused on production and manufacturing. This rebalancing will create jobs and economic growth. But this strategy requires U.S. businesses to make targeting global customers a more central part of their sales strategies — and for public and private sectors to work together to address global threats to American competitiveness.

No good idea about how to boost exports, broaden our manufacturing base and bolster our competitive landscape should be off the table.

The Year Ahead

As chairman of this great institution, I get to meet and work with business leaders and workers every day who are designing, building and selling high-quality products — and offering the types of services — the world wants.

After meeting these men and women, after walking the shop floor at their companies, it is hard not to be bullish about America’s future — and our ability to come out of these challenging economic times stronger and more competitive than before.

There is a constant refrain that I hear whenever I travel abroad. It is a deep respect for the quality of American craftsmanship — and a reverence and admiration for our approach to business.

"Made in America" is a brand built by the sweat and toil and pride of generations of American workers. And it’s a brand emboldened by the most innovative, industrious and creative companies in the world.

Our focus at Ex-Im Bank is ensuring that these companies and workers have the resources, the relationships and the financial products they need to succeed.

We want to be your competitive edge in the global marketplace, so that together we can build a stronger, more durable American economy — one that fuels job creation, economic prosperity and opportunity in communities across our great nation.

Sincerely,

Fred P. Hochberg
Chairman and President