U.S. on track to double exports by 2015
FOR IMMEDIATE RELEASE January 12, 2012
Adrian Gianforti (202-565-3200)
WASHINGTON, D.C. --- The United States exported $177.8 billion in goods and services in November, 2011, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
Exports of goods and services over the last twelve months totaled $2.089 trillion, which is 32.64 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 15.9 percent when compared to 2009, a pace greater than the 15 percent required to double exports by 2015.
U.S. exports are an integral part to driving the economy towards recovery, said Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States. Ex-Im Bank is linking American companies to the global marketplace so they can expand sales to create or sustain jobs. We must continue to engage our partners in government and the private sector to find new and innovative ways to finance exporting of U.S. goods and services.
Over the last twelve months, among the major export markets (i.e., markets with at least $6 billion in annual imports of U.S. goods), the countries with the largest annualized increase in U.S. goods purchases, when compared to 2009, occurred in Turkey (45.4 percent), Panama (40.6 percent), Honduras (37.0 percent), Argentina (33.4 percent), Hong Kong (32.9 percent), Peru (30.7 percent), Chile (29.2 percent), Brazil (29.1 percent), South Africa (28.7 percent), and Thailand (27.7 percent).
Furthering U.S. export growth, Ex-Im Bank approved more than $4.26 billion in total authorizations in the first quarter of FY 2012. This total includes an estimated $789 million in small business financing and $16.6 million in authorizations to renewable-energy projects. Top industry sectors included aircraft, manufacturing, agriculture, services, and information and communications service providers.
ABOUT EX-IM BANK
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past six years, Ex-Im Bank has earned for U.S. taxpayers $3.7 billion above the cost of operations. 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.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 -- an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales -- also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. For more information, visit www.exim.gov.