FOR IMMEDIATE RELEASE June 8, 2011
Phil Cogan (202)565-3200
Washington, D.C. -- April's exports of U.S. goods and services --- $175.6 billion --- was the largest monthly total ever recorded, surpassing the previous month's (revised) record of $173.4 billion. Exports were up $27.8 billion, or 15.9 percent over the April 2010 export total, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
BEA reported that in April exports of goods increased $2.0 billion to $126.4 billion, and exports of services increased $0.2 billion to $49.1 billion. The trade deficit decreased in April to $43.7 billion, down from $46.8 billion.
Also contributing to U.S. export growth, the Export-Import Bank of the United States (Ex-Im Bank) authorized $14.8 billion in export financing during the first seven months of fiscal year (FY) 2011, up slightly compared to the same period in FY2010. Long-term loan guarantees also increased, fiscal year to date, nearly 34 percent to $7.6 billion; medium-term guarantees were up about 27 percent to almost $612 million; and working capital guarantees, which most frequently benefit small business exporters, increased almost 12 percent to $834 million.
April's record-setting U.S. export total, coupled with increasing Ex-Im financing, underscores the expanding role that exports are playing in the U.S. economy, said Fred P. Hochberg, chairman and president of Ex-Im Bank. Ex-Im Bank is continuing its efforts to reach out to new and current exporters, encouraging them to use Bank products in order to sell more to existing markets and enter new ones.
Overall U.S. exports of goods and services over the last twelve months totaled $1.935 trillion, putting the country 22.9 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 16.7 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.
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 (54.9 percent), South Africa (39.9 percent), Panama (37.4 percent), Taiwan (33.6 percent), Peru (33.3 percent), Brazil (32.8 percent), Argentina (32.8 percent), Malaysia (30.9 percent), Hong Kong(30.2), and Indonesia (30.2).
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. 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.
By charging fees and interest on all loan-related transactions, Ex-Im Bank is self-sustaining and is able to cover all operation costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past five years.
In fiscal year 2010, Ex-Im Bank authorized a record high of approximately $24.5 billion in loans, guarantees and insurance (including more than $5 billion in authorizations for small businesses), supporting an estimated 230,000 American jobs. Information about Ex-Im bank products for small businesses is available on the Bank's website at www.exim.gov.