US Exim Bank lends record US$24.5 billion to boost exports

THE US Export-Import Bank has authorised a record US$24.5 billion in export financing in fiscal year 2010, supporting $34.4 billion worth of exports, according to chairman and president Fred Hochberg.

In fiscal 2010, Ex-Im Bank approved 3,532 transactions, of which more than 1,000 companies used the bank's financing for the first time, reports American Shipper.

In addition, the bank launched new products and services, including supply chain financing for small businesses and "Solar Express" financing for renewable-energy projects.

"While the bank's 2010 performance is impressive, there remains enormous untapped potential for more American companies to sell more goods and services to more customers in more countries," said Mr Hochberg.

According to the US Commerce Department, exports of US goods and services rose by 17.9 per cent during the first eight months of the year compared to the previous year. Exports grew by 17.9 per cent to $1.2 trillion from January-August. In August alone exports totalled $153.9 billion.

Among the major export markets, the largest percentage increases in US goods purchases occurred in Taiwan, up 50 per cent; Indonesia, up 46.6 per cent; South Korea, up 46.4 per cent; Turkey, up 45.4 per cent; Malaysia, up 43.5 per cent and Brazil, up 40.9 per cent.

"While it's promising that American consumer spending continues to rebound, today's numbers are another reminder that we still have work to do to help US businesses sell more of their goods and services overseas," said Commerce Secretary Gary Locke.
(Source:www.schednet.com)