Report Also Highlights the Importance of the U.S. Export-Import Bank to Leveling the Playing Field for American Businesses and Workers
FOR IMMEDIATE RELEASE June 12, 2015
Media Contact: Office of Communications (202-565-3200)
Washington, D.C. – Today, Export-Import Bank (EXIM) Chairman and President Fred P. Hochberg unveiled the Bank's annual Competitiveness Report to Congress, which underscores the critical role of EXIM in the context of increasing competiveness in the global marketplace.
"Today’s report shows that from Asia to Europe to South America, America’s economic competitors are putting their foot on the gas when it comes to supporting their exporters with financing,” said EXIM Bank Chairman and President Fred P. Hochberg. "EXIM strives to level the playing field by equipping U.S. businesses with reliable, rules-based financing that simply gives overseas buyers the freedom to make decisions based on free market factors like quality and value—and that leads to more U.S. sales and more U.S. jobs.”
According to the report, U.S. exporters face unprecedented levels of foreign competition that does not adhere to established lending and transparency rules set forth by the Organization for Economic Co-operation and Development (OECD), an international body that encourages global export competition based on free market principles and mutually agreed-upon standards.
In fact, the report indicates that the share of worldwide official export financing that operates under these lending and transparency rules has dropped from 100 percent in 1999 to just 34 percent as of 2014, a trend that threatens the competitiveness of U.S. exporters. In addition, last year, China’s official export financing few by more than 40 percent.
Looking forward, the report found that these trends, if they continue, will disadvantage U.S. exporters as they jockey against foreign Export Credit Agency-backed competitors to win sales abroad and support jobs at home.
To see more highlights and the full report visit //www.exim.gov/sites/default/files/reports/EXIM%202014CompetReport_0611.pdf
ABOUT EX-IM BANK:
EXIM Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, EXIM approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.