Ex-Im Bank Authorizations Reach All-Time High

During the first quarter of Fiscal Year (FY) 2011, buy the Export-Import Bank of the United States (Ex-Im Bank) approved $8.25 billion in total financing authorizations, supporting nearly $10.3 billion in export sales. The sales in the first quarter (Oct. 2010 through Jan. 2011) supported approximately 75, 000 American jobs in communities across the country. The Bank’s support for U.S. small-business exports also rose during this same time by more than 22 percent, and new customer volume rose 55 percent.

Much of the first quarter success came from an all-time high in January with exports of U.S. goods and services reaching $167.7 billion—the largest monthly total ever recorded, surpassing the previous record of $165.7 billion, which occurred in July 2008, according to data released by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.

BEA reported that for the 12-month period ending Jan. 31, 2011, exports of goods and services totaled $1.86 trillion, putting U.S. exports 18.2 percent above the level of exports in 2009. During the same period, 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.

In FY2010 overall, Ex-Im Bank authorized a then record high of approximately $24.5 billion in loans, guarantees and insurance, supporting about 230,000 American jobs. With the continual growth authorization at the Bank, the U.S. appears to be on track for meeting President Obama’s goal of doubling exports and supporting two million American jobs by the end of 2014.

Among the major export markets, the largest percentage increases in U.S. goods purchases occurred in Turkey (50.6 percent), Panama (39.8 percent), Taiwan (38.6 percent), Peru (36.7 percent), Brazil (35.6 percent), Korea (34.2 percent), Malaysia (33.7 percent), Argentina (33.3 percent), Indonesia (32.8 percent), and Egypt (31.3 percent).

Please click here for more information on Ex-Im Bank.