Good news for U.S. exporters
According to Ex-Im Bank spokesmen, shippers remain “on track” to meet President Obama's goal of doubling exports and supporting two million American jobs over the next five years.
in the NewsIAM, IoT and the Connected Supply Chain New shipper survey reveals that small businesses face “import overhead” Happy 100th Birthday, New England Motor Freight! What a ride, chairman says U.S. rail carload and intermodal volumes are mixed for week ending February 10 Memo to Washington D.C.: Stop talking about raising the gas tax, go do it More News
Exports of U.S. goods and services increased 17.7 percent during the first six months of 2010, according to data released by the Bureau of Economic Analysis of the U.S. Commerce Department.
According to Ex-Im Bank spokesmen, shippers remain “on track” to meet President Obama’s goal of doubling exports and supporting two million American jobs over the next five years.
“This data shows both the growth and opportunities available for American companies to continue to create jobs through exports,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “For its part, Ex-Im Bank has authorized $20.8 billion in export financing and supported an estimated 193,000 U.S. jobs in the fiscal year to date. We will continue to widen our outreach to U.S. businesses large and small, to help them grow their profits through exports.”
Data highlights include:
• U.S. exports totaled $890 billion during the January-through-June period of 2010, up 17.7 percent from the same period of 2009.
• June exports totaled $150.5 billion.
• Among the major export markets, the largest percentage increases in goods exports occurred in Taiwan (60 percent), Korea (53 percent), Malaysia (50 percent), Singapore (43 percent), Brazil (38 percent), China (36 percent), Colombia (36 percent), Mexico (32 percent), Canada (27 percent), and Hong Kong (27 percent).
President Barack Obama’s National Exports Initiative is a government-wide effort to put the United States on a path to sustained economic growth by doubling exports and creating 2 million jobs in five years. To support this effort, Ex-Im Bank is continuing to expand its outreach efforts and make its financing products accessible to more exporters.
Ex-Im Bank, an independent, self-sustaining federal-government agency, provides export financing that helps strengthen U.S. export competitiveness, and creates and maintains U.S. jobs. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.
In fiscal year 2009, overall Ex-Im Bank financing totaled $21 billion, and authorizations supporting small-business exports reached a historic high of $4.4 billion, nearly 21 percent of total authorizations.
In the first 10 months of FY 2010 (through July 2010), Ex-Im Bank authorized $20.8 billion in loans, guarantees and insurance.
Subscribe to Logistics Management Magazine!Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your entire logistics operation.
Start your FREE subscription today!
The Future of Retail Distribution Navigating the Reverse Supply Chain for Connected Devices View More From this Issue