U.S. EXPORTS $180.8 BILLION IN JANUARY 2012

The following excerpt is from an Export-Import Bank e-mail:

"U.S. EXPORTS HIT MORE THAN $180 BILLION IN JANUARY

WASHINGTON, D.C. – The United States exported $180.8 billion in goods and services in January 2012, an increase of  more than $1 billion over December 2011, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.

Exports of goods and services over the last twelve months totaled $2.118 trillion, which is more than 34 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 15.3 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.

"The Brookings Institute yesterday released the report, “Export Nation 2012,” and it confirmed that exports are leading the way toward economic recovery,” said Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank). 

The Brookings report also found sales grew by more than 11 percent in 2010, the fastest growth since 1997. In terms of job creation, the number of U.S. total export-supported jobs increased by almost 6 percent in 2010, even as the overall economy was still losing jobs. Further, large metropolitan areas powered the nation’s export growth – the largest metro areas produced almost 65 percent of the U.S. export sales in 2010.

Over the last twelve months, the major export markets with the largest annualized increase in U.S. goods purchases were Turkey (40.7 percent), Panama (37.9 percent), Argentina (34.0 percent), Honduras (32.9 percent), Chile (30.2 percent), Hong Kong (30.2 percent), Peru (29.0 percent), South Africa (27.6 percent), Brazil (26.7 percent), and Guatemala (25.6 percent).

In the first quarter of fiscal year 2012, Ex-Im Bank approved $4.26 billion in authorizations, supporting approximately 37,000 American jobs. Over $789 million in export financing was authorized for small businesses, and the number of small business customers increased by 10% over the same quarter in 2011."

EX-IM BANK WILL FIANCE $83 MILLION SALE OF U.S. LOCOMOTIVES TO CANADA

The following excerpt is from the Export-Import Bank website:

"Ex-Im Bank Approves $83 Million in Export Financing for Sale of U.S.  Locomotives to Canada

Transaction Supports 500 American Jobs Across Six States
WASHINGTON, D.C. --- The Export-Import Bank of the United States (Ex-Im Bank) approved an $83.1 million loan guarantee to support the sale of six American-made locomotives, railroad cars, and mining equipment to the Iron Ore Company of Canada (IOC). This transaction supported 500 U.S. jobs across a range of American businesses in six states (Arkansas, Illinois, Missouri, Tennessee, Virginia and Wisconsin).
“As global infrastructure investment increases, high quality, American-made locomotives and equipment are in demand around the world,” said Fred P. Hochberg, chairman and president of Ex-Im Bank.  “Ex-Im is committed to ensuring that the financing is in place to allow American companies to win a growing share of these sales. These transactions bolster our manufacturing base, while creating, supporting and sustaining good jobs in communities across the United States.”

2011 was a record year in locomotive financing for Ex-Im Bank, with more than $550 million supporting the sale of American-made locomotives to hard to reach markets, including Kazakhstan and South Africa.

The U.S. companies involved in the IOC transaction include Electro-Motive Diesel, Inc. (EMD) (LaGrange, Ill.), American Rail Car Industries Inc. (St. Charles, Mo.), Freightcar America Inc. (Chicago, Ill.), Harnischfeger Corp. (Milwaukee, Wisc.), Komatsu America Corp. (Peoria, Ill.), and Caterpillar, Inc. (Peoria, Ill.). Comerica Bank (Detroit, Mich.) is the guaranteed lender.

“These companies build products that are built to last and in the process they are building an American economy that is built to last – one that is driven by manufacturing, exports and the most talented and productive workers in the world,” added Hochberg.
This is the second order backed by Ex-Im Bank financing for IOC. The locomotives, railroad cars, and mining equipment are being used to expand IOC’s production in Labrador City, Newfoundland.

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, Ex-Im Bank has earned for U.S. taxpayers nearly $1.9 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.