This strategy is a blueprint for competitiveness that will unleash the economy and manufacturing’s outsized multiplier effect. Importantly, manufacturers’ aspirations—the four goals laid out in the pages that follow—are ones that all Americans who want to maintain our country’s economic advantage can rally around.
NAM Report Shows China, Other Countries Significantly Outpacing the U.S. Export-Import Bank
Nine Largest Foreign Export Credit Agencies Provided More Than 18 Times as Much Support as the Ex-Im Bank in 2013
Washington, D.C., 07/29/14 - National Association of Manufacturers (NAM) President and CEO Jay Timmons joined small and medium-sized manufacturers from across the country today to release a new report, titled “The Global Export Credit Dimension,” that documents the massive size and growth of foreign export credit activity around the world. As explained in the NAM’s new policy brief, “Forfeiting Opportunity,” the findings of this report make the reauthorization of the Export-Import Bank (Ex-Im Bank) even more critical to support exports, manufacturing and jobs.
Major Findings of the Study Include the Following:
- The ECAs of nine of our top trading partners—Brazil, Canada, China, France, Germany, Japan, Mexico, South Korea and the United Kingdom—provided nearly half a trillion dollars in export credit assistance to their exporters in 2013. Collectively, that amount is more than 18 times greater than the modest $27 billion the U.S. Ex-Im Bank provided the same year.
- China dominates the export credit financing landscape, with the China Ex-Im Bank alone authorizing more than $153 billion in 2013. Its support for exports grew nearly 57 percent from 2012.
- While the U.S. Ex-Im Bank supported about 2.42 percent of all U.S. exports, Germany (3.63 percent), China (12.50 percent) and Canada (20.29 percent) supported a larger share of their countries’ exports.
“The size and scope of the Ex-Im Bank pales in comparison to the official export credit agencies of our top competitors,” said Timmons. “If Congress eliminates the Ex-Im Bank, these other nations will jump in and fill the void, and manufacturers in the United States stand to lose tens of billions of dollars in business.”
The report was released in conjunction with a briefing with Timmons and several Ex-Im Bank users from around the country who expressed concern about the negative impact Congress’s failure to reauthorize the institution would have on their companies. Executives who attended included Vermeer Corporation Senior Director of International Business Development Daryl Bouwkamp, Morrison Textile Machinery Company President Jay White, Air Tractor Vice President of Finance David Ickert, Barry-Wehmiller Companies Vice President of International Finance Jeff Hanson and BCH Trading Company Co-Owner Randy Barsalou.