Ex-Im Bank Financing of U.S. Exports Up 57% For First Two Months of FY2011
FOR IMMEDIATE RELEASE December 11, 2010
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. - Exports of U.S. goods and services grew 17 percent during the first ten months of 2010, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department. The Export-Import Bank of the United States (Ex-Im Bank) also continued to show strong growth in early fiscal year 2011.
BEA reported that U.S. exports totaled $1,507 billion for the January-October period, up 17 percent over the same period of 2009. October exports totaled $158.7 billion, up 3.2 percent from $153.8 billion in September, the largest monthly percentage increase since March, 2010.
These results are very encouraging, said Ex-Im Bank Chairman and President Fred P. Hochberg. The continuing growth trend keeps the United States on track to meet President Obama's goal of doubling exports and supporting two million American jobs by 2015.
Among the major export markets (defined as markets averaging at least $500 million per month in imports of U.S. goods), the largest percentage increases in U.S. goods purchases occurred in Indonesia (49.5 percent), Taiwan (44.1percent), Turkey (44.0 percent), Korea (39.0 percent), Malaysia (38.1 percent), Brazil (37.4 percent), Peru (35.9 percent), China (34.3 percent), Singapore (32.8 percent), and the Philippines (32 percent).
In addition, Ex-Im Bank reported it authorized an estimated $6.6 billion in financing in support of U.S. exports for the first two months of fiscal year 2011 (October and November), a 57 percent increase from the same period of 2010.
Even though we are in the early stages of fiscal year 2011, we forecast a higher authorization amount for the year than in fiscal 2010, Hochberg said.
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness. In fiscal year 2010, the 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. More information about Ex-Im Bank is available at www.exim.gov.