The U.S. Export-Import Bank (Ex-Im) is a vital tool to help grow U.S. exports and increase American jobs. As the official export credit agency of the United States, Ex-Im Bank assists in financing U.S. exports from thousands of American companies and bolsters our global competitiveness. In fact, nearly 90 percent of Export-Import Bank’s transactions directly support U.S. small business. Ex-Im Bank operates at no cost to the taxpayer, and it has a track record of generating a profit for the government. Last year alone, the Bank sent $1 billion to the U.S. Treasury.
The U.S. Export-Import Bank’s current charter is set to expire in September 2014, and a lapse in authorization would threaten the competitiveness of manufacturers in the United States—particularly small and medium-sized manufacturers. Manufacturers are urging Congress to move quickly to pass a reauthorization of the Ex-Im Bank. When Ex-Im Bank was last reauthorized in 2012, the legislation received broad bipartisan support in both the House and Senate.
Research Highlights Growth of Foreign Export Credit Activity
New research published by the NAM documents the massive size and growth of foreign export credit activity. Most developed countries and many developing countries have official export credit agencies (ECAs), with more than 60 operating worldwide. With the nine largest foreign ECAs—Brazil, Canada, China, France, Germany, Japan, Mexico, South Korea and the United Kingdom—providing nearly half a trillion dollars in annual export support, manufacturers in the United States are at a deep disadvantage in competing for sales overseas: