Ex-Im Bank has authority to support SMEs
and transactions less than $10 million.
The Coalition for Employment through Exports (CEE) comments on timely issues involving the U.S. export promotion programs, including U.S. export and development finance.
Small businesses and mid-market companies benefit from U.S. government export and development finance, enabling them to expand their business and support more U.S. Jobs.
As competitor Export Credit Agencies (ECAs) become more aggressive in support of their country’s exports, Ex-Im Bank needs to remain competitive to maintain a level playing field for U.S. exporters.
CEE represents the business community on export finance issues including environmental concerns such as ECA support for coal fired power generation and the rail sector.
The ECA graph, based on data from the Export-Import Bank 2016 Competitiveness Report, underscores the gross disparity between U.S. export financing support and government export financing support provided by other countries, most significantly China, whose export financing volumes in 2015 were more than 40 times that of the United States.
“Fair trade and American jobs depend fundamentally upon maintaining a competitive balance in trading relationships” said Rufus Yerxa, President of the NFTC. “This data shows the extent to which our competitors are outspending the U.S. on export financing programs. Giving our exporters a level-playing field so they can compete globally and continue to create jobs is a key component of our economy. The Ex-Im Bank has supported U.S. exporters for decades, and it must not be relegated to the sidelines.”
John Hardy, President of CEE said: “The U.S. cannot sustain this imbalance without losing exports and the jobs they support. Both Houses of Congress understood this when the Ex-Im Bank was reauthorized by super-majorities in 2015. Currently, there are $30 billion in export transactions greater than $10 million in the Ex-Im Bank awaiting action. Those exports support more than 200,000 jobs in the U.S., and they cannot be supported without a fully functioning Ex-Im Bank.”
The NFTC and the CEE urge Congress and the Administration to support U.S. exporters and encourage job creation by addressing the Bank Board quorum issue, enabling the Ex-Im Bank to fulfill its potential as an export driver.
To view the graph mentioned above, please click here.
About the NFTC
Serving America’s Global Businesses Since 1914 The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules-based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves hundreds of member companies through its offices in Washington and New York.
NFTC, CEE Release Comparative ECA Finance Graph
The National Foreign Trade Council (NFTC) and the Coalition for Employment through Exports (CEE) today released a 'Comparative ECA Finance Graph,' comparing export credit agency (ECA) and market windows financing provided by major exporting countries in 2015 in support of their national exporters.
Ex-Im Bank Annual Conference, April 6-7, 2017
Ex-Im Bank’s Annual Conference presents a unique opportunity for companies from around the world to meet U.S. exporters. Attendees include more than 1,100 exporters and representatives of financial institutions, foreign trade partners, and government officials. At the event, participants also meet Ex-Im Bank staff and obtain detailed information about our export credit products and programs.