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Statement of Fred P. Hochberg on the Release of Export Data from the Commerce Department

U.S. Exports Reach A Record-High $198 Billion in July

FOR IMMEDIATE RELEASE September 4, 2014

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Washington, D.C. - Ex-Im Bank Chairman and President Fred P. Hochberg issued the following statement with respect to July's record-high export data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department. According to BEA, the United States exported $198.0 billion of goods and services in July 2014, the highest mark for any month ever recorded.

These record-high numbers show that exports stamped 'Made in America' are sought out for their quality, reliability, and innovation, said Ex-Im Bank Chairman and President Fred P. Hochberg. Given a level playing field, U.S. exporters can compete with anyone in the world, and Ex-Im Bank is proud to support American exports, just as they support jobs here at home.

Exports of goods and services over the last twelve months totaled $2.3 trillion, which is 46.6 percent above the level of exports in 2009, and have been growing at an annualized rate of 8.7 percent when compared to 2009.

ABOUT EX-IM BANK:

Ex-Im Bank is an independent federal agency that creates 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, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of operations.

In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For the year, the Bank approved a record 3,413 transactions-- or 89 percent--for small-businesses. Small business exporters can learn about how Ex-Im Bank products can help them increase foreign sales at http://go.usa.gov/ZVTd. For other information about Ex-Im, visit www.exim.gov.

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