The Export-Import Bank of the United States (US Ex-Im) has more than doubled its authorisations of export loans in the first half of the current fiscal year, compared to the same period of 2009.
US Ex-Im has agreed financing of US$13.2bn, up 125% from 2009’s US$5.9bn – which was a record for the bank at the time.
Furthermore, small business export loan authorisations increased to US$2.3bn, up half a billion dollars from last year.
Fred Hochberg, US Ex-Im’s, chairman and president, says that the increased authorisations are in line with the US’s National Export Initiative (NEI): “As part of President Obama’s NEI, US Ex-Im’s export financing is contributing to the goal of doubling US exports within the next five years.
“Working with private lenders, we are helping US exporters put Americans to work producing the high-quality goods and services that foreign providers prefer.”
This comes after US Ex-Im announced in fiscal year 2009 that it had set new record levels by authorising US$21bn in loans and US$4.36bn to small business exporters.
Furthermore, export financing for buyers of US goods in Asia increased to US$1.9bn from US$456mn, a trend that continued in most other regions including Western Europe and Russia.
The exception to the trend was Africa, which saw export financing stay roughly the same.
Last Updated April 19, 2010
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