EXIM Releases FY 2021 Annual Report “Building a Better America”
WASHINGTON – The Export-Import Bank of the United States (EXIM) today released its fiscal year (FY) 2021 Annual Report, which details the agency’s progress, authorizations, and financial condition in FY 2021.
The report, titled “Building a Better America,”shows several key indicators of progress in rebuilding the agency’s portfolio and regaining competitiveness within the global export credit landscape. Despite the historic pandemic that has negatively impacted export credit volumes around the world, the agency increased its total authorizations, authorized nearly 10 percent more minority- and women-owned small business transactions from 2020, and supported more than $140 million for transactions in the China and Transformational Exports Program’s (CTEP) first full year of operation. In total, EXIM authorized nearly $5.8 billion to support nearly $10 billion in exports and 39,000 American jobs.
The report also demonstrates the role EXIM has played in returning to America’s commercial diplomacy strategy as well as in supporting small businesses through its COVID-19 pandemic relief measures. The agency’s pandemic relief offered exporters an estimated $1 billion in financing flexibilities and greater certainty as they navigated disruptions.
“EXIM laid new foundations in 2021 that will help build a better America through stronger export competitiveness. I am optimistic about the opportunities that lie ahead, and I firmly believe EXIM can – and must – be a vital part of America’s economic and national security,” said EXIM Chair and President Reta Jo Lewis in her letter to Congress. “To reach our promise, EXIM must expand outreach and build bold partnerships with business and community leaders, state and local officials, and international partners. We must strengthen and diversify our portfolio to better reflect the breadth of America’s exports, and we must ultimately fulfill our mission and meet the responsibilities Congress has placed on EXIM.”
Highlights of the 2021 Annual Report:
- EXIM authorized $5.8 billion in loan guarantees, up from $5.4 billion in 2020, in export credit insurance and direct loans that supported nearly $10 billion in U.S. export sales and an estimated 39,000 U.S. jobs.
- EXIM approved $361 million in support of minority- or women-owned businesses, up 10 percent from the previous year.
- CTEP financed more than $140 million in authorizations in its first fiscal year of full operations.
- Nearly 87 percent of EXIM transactions directly benefited U.S. small business exporters.
- EXIM authorizations of environmentally beneficial goods and services totaled $71.9 million.
- Long-term loan guarantee authorizations increased by nearly 75 percent and total guarantee authorizations increased by roughly 15 percent.
- Direct loan authorizations increased from $10 million in 2020 to $70 million in 2021.
- Strategic Memoranda of Understanding and ongoing commercial diplomatic engagements were facilitated with Ukraine and Lithuania.
- More than $42 million in support for sub-Saharan Africa and initial outreach and engagements made possible through President Biden’s Build Back Better World initiative.
- Nearly 33 percent of total direct export value supported inFY 2021 was for small businesses.
- EXIM had more than 1,300 participants in EXIM’s Annual Conference, held in September.
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, anddirect 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.