News

WASHINGTON – The Export-Import Bank of the United States (EXIM) today released the annual Report to the U.S. Congress on Global Export Credit Competition for Calendar Year (CY) 2021, also known as the EXIM Competitiveness Report. This year’s report, titled “Reaching New Heights,” focuses on the 2021 global export finance market, an emerging new era of official export finance, and the lingering impact of the COVID-19 pandemic. The major themes of this year’s report included:

• The continued impact of COVID-19
• Waning medium- and long-term (MLT) export credit activity vis-à-vis trade-related activity
• A significant decline of Chinese financing activity
• An evolving level playing field
• Continued emphasis on climate-related finance
• First mover advantages in export finance
• Export credit agencies as a valued resource

On an annual basis, EXIM’s Competitiveness Report aggregates input from U.S. exporters and lenders as well as export credit agency counterparts and comprehensively analyzes official export credit and trade-related finance provided by governments around the world. The report includes an annual global survey of official MLT export credit practitioners, and an account of U.S. exporter and lender experiences with EXIM during that period.

“The Competitiveness Report has become a valuable resource for stakeholders to understand the global landscape within which EXIM and American exporters operate,” said EXIM President and Chair Reta Jo Lewis. “While the agency has successfully laid new foundations this past year on several key priorities like clean energy finance and whole-of-government solutions, the results of this report show that we need to do more to take advantage of the tremendous opportunity that sits before this agency in a new era.”

The report also includes recommendations from EXIM’s 2021-2022 Advisory Committee and its subcommittee members. Those recommendations are based on the committees’ review of the report and include the following key items:

• EXIM should provide financing that is competitive with OECD ECA peers as a first step towards neutralizing Chinese official financing competition.
• EXIM should take a more strategic approach to working with other U.S. government agencies, including by providing blended financing like that offered by other OECD members.
• EXIM should assess policies where the agency is an outlier among ECAs globally and consider alignment to remain competitive among OECD nations.
• EXIM must continue efforts to support U.S. small and medium-sized businesses, many of which form parts of the critical supply chains of larger U.S. exporters. EXIM should look for ways to partner with larger U.S. exporters to create awareness of EXIM programs for their small business suppliers (indirect exporters).
• EXIM should conduct a holistic analysis of internal processes with the goal of streamlining and making the due diligence, underwriting, and approval processes more efficient, commensurate with foreign peers.

“The support that President Biden, the Biden-Harris Administration, and bipartisan leaders in Congress have offered the agency at this critical moment has already led to new tools – like the Make More in America Initiative – that will advance the competitiveness of American exports,” said EXIM Advisory Committee Chair and former senator Heidi Heitkamp. “However, as the results of this report show, more needs to be done to reset the agency’s relationships and rebuild into a new era. We are confident that under the leadership of this new Board, EXIM can modernize and take the steps necessary to once again being a global leader.”

The report fulfills the agency’s statutory requirement to report on EXIM’s ability to provide financing that is competitive with other major foreign government providers of export credit and how EXIM enables U.S. companies to be competitive in global export sales.

ABOUT EXIM:

The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt. Learn more at www.exim.gov.