Maintaining Export Advantage in the Face of a Rising Dollar – Part 1

It has been a great run for U.S. exporters. The Department of Commerce just announced that our nation’s exports of goods and services were $2.35 trillion in 2014—a record for the fifth year running. Yet clouds are gathering on the horizon, as the economic growth in many foreign markets, specifically those in the emerging and frontier category, has been slowing. Some markets like Russia and Ukraine are set to experience outright GDP contractions brought on by political upheaval.

The single biggest threat facing U.S. exporters is ironically the rising U.S. dollar, which continues to strengthen significantly as the result of the improvement of U.S. economy in the face of the international weakness.

How can U.S. exporters maintain their competitive position and continue to play a leading role in the international export space?strategies for US exporters

While there is no magic bullet and the process is a comprehensive long-term endeavor, below, most U.S. exporters can use the following five-step approach to maintain and expand their exports, while swimming upstream against the rising dollar:

  • Recommit to exports
  • Expand the markets served
  • Offer open account terms and buyer financing
  • Reduce focus on price
  • Use available resources more effectively

Recommit to exports.

Despite its undisputed success in the export arena, the U.S. as a nation has been a very anemic exporter. Unlike in countries such as Germany, the Netherlands or Chile, where exports have for years been part of the business’ DNA due to the small size of the home markets, a great number of companies in the U.S. have been treating exports as an afterthought to their domestic sales strategies. Other than the Fortune 500 companies, the majority of U.S. companies export to fewer than three markets. The primary export drivers are either organic demand from overseas, natural affinity of the owners to a particular country, commonality of language or geographic proximity.
In good times, as we know, the tide raises all boats, yet in the face of the upcoming slowdown, it is vital that U.S. companies recommit to exports in a strategic fashion.

To succeed in this endeavor, U.S. firms must make exports an integral part of their sales mix. Whether through building internal export departments or outsourcing to export management firms, the focus on international sales must be relentless and deep. Companies developing or expanding their in-house export departments should invest in training, product adaptation, international network and market analytics. Managers responsible for exports in organizations, along with top management, must make ongoing efforts to follow events in target markets and understand the culture and business customs and attempt to learn as much of the foreign language as possible.  Departments not directly involved in exports should undergo inclusionary training to ensure that exports do not become orphans within the organization when it comes to issues such as service, exchanges, spare parts supply, collections, payments and financing.  READ MORE

TurboBoosting American Exports – Disruption of The World’s Second Most Ancient Profession

ExportBoost™ dovetails with the NEI/Next Announced By Hon. Penny Pritzker, The Secretary of Commerce

By: Alexander Gordin

International trade is thought to have its roots in 19th century BC with Assyrian merchants. Over centuries the business of exports  changed dramatically with evolution in transport modes,  advent of incoterms, standardized shipping containers and  computerized customs clearance. Yet for all the progress and record $2.3 trillion amount, exports in the US still remain a complex and not terribly efficient process.  Multiple players involved in exports are still largely silo(ed). Even at large companies export related functions like international sales, legal, shipping, banking, financing and insurance often have difficulty communicating with one another. Concepts such as international payment protection mechanisms, US content policy, or US flag shipping requirements are often misunderstood.

Generally, business approach to managing export transactions is reactive, rather than proactive. Situation is even more difficult in small and mid-size businesses where resources are significantly more scant. A relatively small percentage of businesses export. Of those that do, a large portion exports to only one country. Expanded exports of goods and services represent amazing possibilities not only to help companies grow their profits and shareholder returns, but also to benefit our nation’s economy by creating new jobs and generating additional tax revenues.

President Obama’s National Export Initiative has served as a catalyst to spur job growth and along with general economic recovery led to a resurgence of manufacturing activity. More needs to be done, and companies should focus on exports as a fundamental part of their business activities, rather than an afterthought. The entire export ecosystem is ripe for disruption and entry into the technological age. I can envision a day in the very near future when shipping containers of foodstuffs, plane loads of licensed computer equipment, dozens of Ro Ro tractors, or construction cranes will be as simple as buying individual items on eBay or Amazon.  Of course handling export transactions is infinitely more complex and requires signed multilingual contracts, letters of credit, export credit and freight insurance, licensing, quality inspections and complex shipping arrangements. Thus the disruption process that is being put in  place needs to account for the nuanced complexity that characterizes exports.

Fi3E BadgeA week ago the world witnessed the first step in this transformation. ExportBoost™ – a new curated service guaranteed to help small and mid-size companies to at least double their present exports in 18 months – was  recently unveiled  by the Broad Street Capital Group (“BSCG”) at the Annual Conference of the Export – Import Bank of the United States (“US Ex-Im Bank”). Specifically developed for US manufacturers and distributors with revenues of between $5 and $750 million and for providers of professional services , ExportBoost™ uses proprietary export building methodology and tools such as: Fi3E™ Export Indices, XPORTINSURE™, FinanceABLE™ and EZShip™  to greatly simplify export operations and mitigate international business risks. ExportBoost™ was designed to help small and medium companies who are either experienced exporters, or just looking to start their international expansion to significantly grow their exports.fi180_cover

ExportBoost™ service has two tiers – one where the exporter is guided by the Broad Street Capital’s professionals and implements the program internally and the second where Broad Street Capital Group implements ExportBoost™ on its client’s behalf. In either case, the clients will be offered a unique guarantee, should they follow the program and their exports do not at least double in 18 months, Broad Street Capital Group will refund all the fees paid by the clients for the ExportBoost™ service. ExportBoost™ is the first product of the very ambitious project being developed by the Broad Street Capital Group and its partners to greatly streamline international trading operations. The project codenamed “Barbell” is scheduled to be unveiled at the Broad Street’s annual conference later this year.

Why Exports Will Help More American Businesses Thrive

Hon. Penny Pritzker, LinkedIn

American businesses are driving economic growth and creating good jobs through exporting.

The President’s National Export Initiative (NEI) has been a remarkable success:

The United States has had four straight record-breaking years of exports. We hit an all-time high of $2.3 trillion dollars last year – up $700 billion from 2009.
Nearly one-third of our economic growth since mid-2009 has been driven by exports.
Nearly 30,000 businesses have started exporting for the first time.
And most importantly, 1.6 million more Americans have export-supported jobs, bringing the total to 11.3 million – the highest in 20 years.
In addition, exports have been the driving force behind growth in communities across the country. In fact, exports account for nearly all of the post-recession growth in cities like Albuquerque, Youngstown, Detroit, and Kansas City.

Clearly, foreign demand for U.S. goods and services is helping American families gain economic security – buying more homes and cars, saving for college and retirement, or simply heading for a night out.

Each day, more Americans appreciate the fact that 95 percent of the world’s customers are outside our borders. Our trade partners want what U.S. businesses have to offer – from consumer goods to infrastructure products – and everything in between.

Yesterday, we unveiled NEI/NEXT – the next phase of the National Export Initiative. This is a data-based, customer service-driven initiative to ensure that more American businesses can fully capitalize on markets that are opening up around the world.

NEI/NEXT is focused on 5 strategies:

We will help businesses find their NEXT customer abroad.
We will increase the efficiency of a company’s first and NEXT shipment.
We will help firms finance their NEXT order.
We will help communities integrate trade and investment into their NEXT growth plans.
And we will open up the NEXT big markets around the world while ensuring a level playing field.
In a number of these areas, we are already making progress. For example, we are customizing our export promotion efforts through initiatives such as:

Look South, which is focused on maximizing the potential of our 11 free trade agreements in Latin America. Already, our Look South team has created more than 100 tailored guides that show where American products are in highest demand across the region – from auto parts in Honduras to medical devices in Colombia. Therefore, a company expanding into one Latin American market can expand into all 11 with only a little extra effort.
In addition, the Department of Homeland Security is spearheading the implementation of the “single window” by the end of 2016. This effort will enable businesses to use just one electronic platform to complete the forms needed by dozens of federal agencies. It also is smart regulatory reform that will streamline, simplify, and automate processes – saving government and businesses precious time and money. In a fiercely competitive global economy, there is no room for unnecessary delays at borders and entry points.
Also as part of NEI/NEXT, the Small Business Administration and the Export-Import Bank will equip more community banks to offer federal export-financing tools. Traditional credit is still hard-to-find for too many potential exporters – even for creditworthy firms with eager customers waiting abroad. Through NEI/NEXT, we will increase the number of partners in the financial industry who offer federally-backed working-capital loans, loan guarantees, and insurance.

Finally, the Administration will continue to advocate for an overall environment in which American exporters and their workers can thrive. In particular, we are encouraging Congress to invest more in infrastructure and to support trade agreements that reflect our values – such as the Trans Pacific Partnership.

For America to remain competitive, we need more businesses to see the success stories of companies like JWB Manufacturing, based in Tempe, Arizona. This firm produces blades for carpentry tools and precision machinery and our commercial service team helped them break into new markets. In fact, JWB now sells in 12 countries in every corner of the world – including Mexico, Malaysia, Brazil, and Australia – and exports now account for 40 percent of their business. Owner Jeff Barth recently told us that “there is nothing to fear in exporting outside our borders. My international clients have been nothing but gracious, and I encourage other small businesses to realize the power of exports to help their business succeed.”

Ultimately, NEI/NEXT will help create the environment in which more businesses of every size – and their workers – adopt that same mindset.

My commitment is that this Administration will continue to support American businesses as we roll out NEI/NEXT… as our exporters create even more good jobs… and as we continue to send the clear message that America is Open for Business.

Let’s get to work.

Photo: Pixomar/Shutterstock

2013 US EXPORTS VALUED AT A RECORD $2.3 TRILLION

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Washington, DC – The US has set another annual record for the fourth consecutive year by exporting $2.3 trillion in goods and services in 2013, according to data just released by the Bureau of Economic Analysis (BEA) of the US Commerce Department.

In December, the US exported $191.3 billion of goods and services with the data also showing that US-generated export sales directly and indirectly supported nearly 10 million American jobs last year. in 2013.

Exports of goods and services over the last twelve months totaled $2.3 trillion, which is 44.0 percent above the level of exports five years ago. During the same timeframe, exports have been growing at an annualized rate of 9.5 percent when compared to 2009.

Among the major export markets – markets with at least $6 billion in annual imports of US-made goods – the countries with the largest annualized increase in US goods purchases, when compared to 2009, were Panama (25.9 percent), Russia (20.3 percent), Peru (19.6 percent), Hong Kong (19.2 percent), and the United Arab Emirates (19.1 percent).

Also on the list were Colombia (18.5 percent), Chile (17.1 percent), Ecuador (16.8 percent), Argentina (16.3 percent), and Indonesia (15.5 percent).

Source GlobalTradeMagazine

Broad Street’s Developing & Financing International Opportunities – A Smashing Success!

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Develop, Finance, Supply & Insure,

are services offered by Broad Street today;

 In crossing the borders  the headaches are cured

     for clients who risk, and hold danger at bay

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The deals are global, the problems are massive,

A shepherd is needed to guide clients along,

We highlight the issues, and structure financing,

We help sellers ship and let buyers grow strong

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We’re Fluent In Foreign and help grow the business

For those who seek to franchise, or invest,

Until they succeed we patrol cross the borders,

Until YOU succeed, our Team shall not rest

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So as you get settled and learn all about

The business of projects, and exports and risk.

Remember to smile, as there is no cure 

From catching the bug called “global deals disease”

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And once you are ready to venture to strange lands,

There is only one thing you can count on for sure,

We are here for you and there is no one better,

when you need to Develop, Finance, Supply & Insure 

                                                                                                         A. Gordin, Nov.  2013

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The 15 Countries Spending the Most on Business Travel

The 15 Countries Spending the Most on Business Travel

Image credit: Shutterstock

Businesspeople from the U.S. spend more on work-related travel than corporate travelers from any other country in the world, but Chinese business-travel spending is expected to overtake the U.S. in the near future, according to a new report from the Global Business Travel Association.

With email, phone and video conferencing, and considering the time and expense required to travel, it may be tempting to stay chained to your desk. But there’s no replacing the connection of sharing a meal with a client, shaking hands and talking eye to eye. In the coming years, U.S. entrepreneurs may have to spend more time on planes headed East to stay competitive.

 

In 2012, professionals in the U.S. spent $262 billion on business travel, including both domestic and international trips, according to a report from the business travel and corporate meetings organization GBTA, released today. While that’s more than the $196 billion Chinese business travelers spent last year, business-travel spending in China grew 13.2 percent — three times the 4.4 percent growth rate in the U.S. By 2016, Chinese business travelers are expected to spend more than those from the U.S., according to the report.

In the coming years, the GBTA also expects India and Brazil to become increasingly aggressive when it comes to packing a suitcase and hitting the road. And while business travel in Western Europe has been on the slower side, as Spain, Italy, Portugal and Greece have struggled with crippling debt, the GBTA says the worst is over and expects business travel in those regions to begin picking up.

Based on the GBTA study of 75 countries, here’s a look at the top 15 by total business-travel spending in 2012, with percentage growth from the previous year:

1. U.S., $262 billion, 4.4%
2. China, $196 billion,13.2%
3. Japan, $65.2 billion, -1.2%
4. Germany, $50.5 billion, 1.1%
5. U.K., $40.2 billion, 0.1%
6. France, $35.7 billion, -2.1%
7. Italy, $32.7 billion, -7.5%
8. South Korea, $30.5 billion, 2.8%
9. Brazil, $30.1 billion, 9.3%
10. India, $22.1 billion, 5.8%
11. Canada, $22.0 billion, 1.4%
12. Australia, $21.1 billion, 2.8%
13. Russia, $20.4 billion, 2.6%
14. Spain, $17.9 billion, -8.0%
15. Netherlands, $17.8 billion, -4.5%

How does your business decide it’s worth it to spend money on international travel? Where do you go the most? Leave a note below, and let us know what you think.

Read more: http://www.entrepreneur.com/article/227717#ixzz2bJ6DqBCr

Trade Gap in U.S. Narrows to Lowest Level Since October 2009

By Lorraine Woellert – Bloomberg

The U.S. trade deficit narrowed more than forecast in June to the lowest level since October 2009 as crude oil imports declined and American companies shipped more goods abroad.

The gap shrank 22.4 percent to $34.2 billion from a revised $44.1 billion in May that was smaller than previously estimated, the Commerce Department reported today in Washington. The median forecast in a Bloomberg survey of 72 economists called for a $43.5 billion deficit. Exports increased to an all-time high while imports fell to a three-month low.

Trade Gap in U.S. Narrows More Than Forecast to $34.2 Billion

The gap shrank 22.4 percent to $34.2 billion from a revised $44.1 billion in May that was smaller than previously estimated, the Commerce Department reported today in Washington. Photographer: Tim Rue/Bloomberg

The smaller trade bill, which reflected increased U.S. shipments of capital goods and petroleum, shows second-quarter growth was stronger than initially estimated. At the same time, a projected pickup in consumer and corporate demand indicates it may be difficult for the deficit to improve further.

“This is exceptionally good news,” said Millan Mulraine, director of U.S. rates research at TD Securities USA LLC in New York. “This could suggest GDP could be increased by as much as 1 percent.” Still, the level of the trade deficit is “unlikely to be sustained given the weak global growth.”

Stocks fell for a second day as retailers posted results that disappointed investors. The Standard & Poor’s 500 Index declined 0.6 percent to 1,696.17 at 10:46 a.m. in New York.

Bloomberg survey estimates ranged from trade deficits of $38 billion to $48.3 billion. The Commerce Department initially reported a $45 billion shortfall for May.

Record Exports

Exports increased 2.2 percent to $191.2 billion, boosted by sales of petroleum products and capital goods including engines and telecommunications equipment. American companies also provided foreign customers with a record value of services.

Imports declined 2.5 percent to $225.4 billion. Refineries in the U.S. imported less petroleum, and demand for consumer goods made overseas declined.

Increased domestic energy production is helping reduce America’s dependence of foreign crude oil. The import figures reflected 234.3 million barrels of oil, down from 240.5 million barrels in the prior month. The value of crude oil purchases decreased to $22.7 billion from $23.3 billion in the previous month.

The trade shortfall excluding petroleum shrank to a three-month low of $34.4 billion in June from $41.3 billion.

Inflation-Adjusted

After eliminating the influence of prices, the trade deficit narrowed to $43.1 billion from $51.9 billion.

The economy expanded at a 1.7 percent annualized rate from April through June after a 1.1 percent pace in the first quarter, the Commerce Department said July 31.

Today’s report indicates that the 0.8 percentage point drag from trade, which was the most in almost three years, on second-quarter growth will be wiped away.

Consumer spending, which accounts for about 70 percent of the economy, grew at a 1.8 percent pace last quarter.

Economic growth is projected to average 2.5 percent at an annualize pace in the second half of the year, up from 1.4 percent in the first six months, according to the median forecast in a Bloomberg survey of 68 economists from July 5 to July 10.

Second Half

Recent reports are pointing to improved second-half growth. U.S. service industries expanded in July at the fastest pace in five months, the Institute for Supply Management reported yesterday, with construction companies, retailers and financial firms reporting a pickup in business. That report followed data last week that showed manufacturing advanced at the fastest rate in more than two years.

Automakers are on pace for their best showing in six years as job gains boost confidence and consumers replace older vehicles. Cars and light trucks sold at a 15.6 million annualized rate in July and 15.9 million the prior month, the strongest back-to-back readings since late 2007, according to figures from Ward’s Automotive Group.

A stronger U.S. currency will make American shipments abroad more expensive. The Dollar Index, used by IntercontinentalExchange Inc. to track the greenback against currencies of six U.S. trading partners, has climbed 3.5 percent since reaching a low on Feb. 1, through yesterday.

The trade gap with China, the world’s second-biggest economy, narrowed to $26.6 billion from $27.9 billion, today’s report showed. The trade deficit with the European Union, Canada andMexico also shrank.

Overseas Demand

For some companies such as Eaton Corp. (ETN), which makes electrical equipment for buildings, demand is being restrained by federal budget cuts and weaker overseas markets. Dublin-based Eaton last week lowered its 2013 growth forecast for U.S. nonresidential construction to 2 percent to 3 percent from an earlier projection of 4 percent to 5 percent at the beginning of the year.

“We think the global economy is trending up slowly,” Sandy Cutler, chairman and chief executive officer at Eaton, said on an Aug. 2 conference call. “The U.S. is plodding. Europe may be at a bottom, but we see little prospect for a lot of vigor in a prospective recovery at this point. We do not see a major catalyst for a change in the second half of this year.”

Growth, Cutler said, is concentrated more “on the consumer side, not the industrial side.”

To contact the reporter on this story: Lorraine Woellert in Washington atlwoellert@bloomberg.net

$220mil Distributed Energy Generation Utility Project Using American Equipment and Financing Announced In Russia

Fluent In Foreign Business EXCLUSIVE!   

We proudly bring you another spectacular example of foreign companies skillfully tapping U.S. markets to finance their overseas projects.  As part of the Emerging Markets: Keys To America™ initiative

Distributed Generating Company, LLC Selects Broad Street Capital Group

To Advise on $220 million

Distributed Energy Generation Utility Project Planned for Russian Federation 

Distributed Generating Company, LLC of Samara, Russia (“DGC LLC”) announced today that it selected Broad Street Capital Group as its exclusive financial advisor for the development and financing of a state-of-the-art distributed power generation utility in the Russian Federation.  The proposed $220 million project will launch in July with support of Eurostar Developments LTD and financing that is being arranged in two phases through a combination of owner’s equity, senior bank loans and guarantees from the Export Import Bank of the United States (U.S. Ex-Im Bank). (READ MORE)

More on the subject:

http://www.forbes.com/sites/williampentland/2013/06/25/russia-gambles-on-utility-scale-distributed-energy/

US COMMERCE DEPT. RELEASES LATEST US EXPORT FIGURES

GlobalTradeMag.com

The US exported $184 billion worth of goods and services, according to the latest figures released by the US Department of Commerce. Credit: redbubble.com

The US exported $184.3 billion in goods and services in March 2013, down from the $186 billion shipped overseas in February, according to the latest trade data released by the Bureau of Economic Analysis (BEA) of the US Commerce Department.

For the three months ending in March, exports of goods and services averaged $184.9 billion, while imports of goods and services averaged $227.2 billion, resulting in an average trade deficit of $42.3 billion.

The March figures show surpluses with Hong Kong of $3.2 billion; Brazil, $1.7 billion; Australia, $1.5 billion; and Singapore, $1.4 billion.

Deficits were recorded with China, $17.9 billion; the European Union, $9.9 billion; Japan, $6.6 billion; Mexico, $5.3 billion; Germany, $5.1 billion; OPEC, $4.5 billion; Canada, $2.3 billion; Ireland, $2.1 billion; Saudi Arabia, $2.1 billion; India, $1.8 billion; South Korea, $1.3 billion; and Venezuela, $1.3 billion.

Exports of goods and services over the last twelve months totaled $2.2 trillion, which is 39.7 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 10.8 percent when compared to 2009.

According to the BEA, over the last twelve months, among the major export markets the countries with the largest annualized increase in US goods purchases, when compared to 2009, occurred in Panama, 31.2 percent; Russia, 24.7 percent; United Arab Emirates, 24.4 percent; Chile, 23.4 percent; Peru, 23.4 percent; Venezuela, 21.1 percent; Argentina, 21.1 percent; South Africa, 20.6 percent; Hong Kong, 20.6 percent; and Columbia, 20.3 percent.

lndustrial supplies accounted for 34 percent of total exports with capital goods claiming a 33 percent share; consumer goods,12 percent; foods, feeds, and beverages account, 9 percent; and automotive vehicles, parts, and engines, 9 percent.

2013 Fi3E INDEX™ RANKS APPEAL OF 180 NATIONS FOR U.S. EXPORT OPPORTUNITIES

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NEW YORK, NY—April 4, 2013  — Fi3E™, an annual proprietary and forward-looking index that measures the relative attractiveness of 180 nations to companies looking to export goods and services abroad, is being introduced today by Fluent in Foreign™ LLC, a New York City advisory group that guides companies as they seek to establish or expand their business beyond U.S. borders.

The Fi3E Export Country Appeal Index™ is the third and final index to be introduced.  All three indexes are designed to help companies do business abroad. The Fi3F™ index, for franchisors, launched in February and Fluent in Foreign Business  Fi3I™, geared for companies and individuals looking to make direct investments abroad, will be released next month.

China again ranks as the country that’s most appealing for exporters, followed by Australia, Poland, South Korea, Turkey, Canada, Singapore, Thailand, Malaysia and Mexico. To obtain the rankings of all 180 countries, visit www.academy.fluentinforeign.com .

“There are enormous opportunities for companies both large and small, to sell goods and services overseas,” said Alexander Gordin, Managing Director of Fluent In Foreign Business and Author of the eponymous book.  “Export opportunities presents new places to sell products, which translates to the creation of more jobs.  President Obama’s National Export Initiative has served as a catalyst to spur job growth and a resurgence of manufacturing activity through exports.  More needs to be done, and companies should focus on exports as a fundamental part of their business activities, rather than an afterthought when the economy slows down at home.”

The Fi3E Export Country Appeal Index™ uses proven factors to evaluate each country, with proprietary data combined with information from the World Bank, the United Nations, Transparency International and the International Monetary Fund. The index also looks at influencing factors including each country’s GDP growth, population, availability of export credit insurance and financing, corruption, ease of exporting, protection and the legal framework for contract enforcement.

“The Fi3E Index serves as a significant reference tool for businesses and investors looking abroad for export markets and opportunities,” Alexander Gordin said.  “It will save countless hours of preparation and research, and it offers important cautionary signs where appropriate.”

Fluent in Foreign Business  is a unique advisory and information platform designed to help direct investors, franchisors and exporters enter foreign markets or expand existing international operations and assist clients doing business with new countries and governments. Services include financing, political risk insurance, legal compliance and strategic business development.

For more information confact agordin@fluentinforeign.com or  +1 212-490-4323.

U.S. Exports Rise to Record Annual Total of Nearly $2.2 Trillion in 2012

Export-Import Bank of the United States : U.S. Exports Reach $186.4 Billion in December, Rise to Record Annual Total of Nearly $2.2 Trillion in 2012

02/08/2013|

WASHINGTON, D.C. – The United States exported $186.4 billion in goods and services in December 2012, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.

U.S. exports of goods and services in 2012 reached a record annual total of nearly $2.2 trillion ($2.195 trillion), which is 39.1 percent above the level of exports in 2009. Over the past 12 months, exports have been growing at an annualized rate of 11.6 percent when compared to 2009.

“Today’s record-breaking numbers show that U.S. exports in 2012 continued on a historic path of growth,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “Thanks to the hard work and ingenuity of our exporters, America is making steady progress towards meeting President Obama’s National Export Initiative goal of doubling exports. Over the past year, U.S. companies big and small have exported almost $2.2 trillion worth of goods and services, fueled by the power of American innovation.”

“But we cannot stop here. More can and must be done to increase international sales and create jobs in the United States. Through our nationwide Global Access for Small Business initiative, Ex-Im Bank is reaching out locally to more small and medium-sized businesses to provide them with the export financing and training they need to succeed globally,” Hochberg said.

Over the last 12 months, among the major export markets (i.e., markets with at least $6 billion in annual imports of U.S. goods), the countries with the largest annualized increase in U.S. goods purchases, when compared to 2009, occurred in Panama (52.0 percent), Chile (42.2 percent), Russia (41.4 percent), Peru (37.9 percent), Venezuela (37.6 percent), Argentina (36.2 percent), United Arab Emirates (36.0 percent), Hong Kong (33.4 percent), Turkey (32.9 percent) and Columbia (31.7 percent).

About Ex-Im Bank

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex-Im Bank approved nearly $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank’s total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit http://www.exim.gov.

 

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