Ex-Im Bank Hits Record for Export Financing, Targets Key Industries and Markets
The Export-Import Bank of the United States set export finance records for the third straight year in fiscal year 2011, according to a Dec. 20 press release announcing the agency’s 2011 annual report. Overall financing exceeded $32 billion for the first time and supported $41.3 billion in exports at more than 3,600 U.S. companies, the press release states, helping to support approximately 290,000 export-related jobs. Other highlights of the report include the following.
Small Businesses. Small business financing rose over 70% percent from $3.3 billion in FY 2008 to $6 billion in FY 2011 and is up almost $1 billion from FY 2010.
Industries. Ex-Im Bank is focusing on a number of industries with high potential for U.S. export growth: agribusiness, aircraft and avionics, construction, medical technologies, mining, oil and gas, and power generation, including renewable energy.
Infrastructure-related financing reached $23.0 billion in FY 2011, a more than 130% increase over FY 2008. Financing in the transportation sector was $13.2 billion, up from $5.6 billion in FY 2008. Authorizations for environmentally-beneficial exports more than tripled from $227 million in FY 2008 to $889 million in FY 2011, while authorizations for renewable-energy exports increased to $721 million in FY 2011 from $30.4 million in FY 2008.
Key Markets. The Bank has identified nine key markets as the primary focus of its outreach: Brazil, Colombia, India, Indonesia, Mexico, Nigeria, South Africa, Turkey and Vietnam. These countries were selected using a number of factors, including the size of the export markets for U.S. companies, projected economic growth, anticipated infrastructure demand and need for Ex-Im financing.