'Ex-Im Bank already is very active in Asia and the Pacific Rim, but major opportunities exist for U.S. companies to break into or expand business in that region, backed by Ex-Im Bank financing,' said Fred Hochberg, the bank's chairman, in a statement.
The bank's authorizations in support of U.S. exports to the region increased from $832.6 million in fiscal year 2009 to $4.9 billion so far this fiscal year.
Ex-Im Bank's loan authorizations more than doubled to $13.2 billion during the first half of the current fiscal year, starting Oct. 1, 2009, a 125 percent increase over the record $5.9 billion authorized during the same period in fiscal year 2009.
An estimated 109,000 American jobs have been supported by the bank's financing so far this fiscal year, compared to about 61,000 jobs supported during the same period a year ago. Small businesses export loan authorizations increased $500 million during the same period to $2.3 billion, or 28 percent greater than the first half of fiscal year 2009, the bank said.
The Commerce Department's Bureau of Economic Analysis last week announced that U.S. exports totaled $434 billion during the January-March 2010 period, up 16.7 percent from the same 2009 period. The largest percentage of increases occurred in Taiwan (80 percent), Korea (66.2 percent), Malaysia (49.2 percent), and China (46.6 percent).
These numbers were released at the Obama administration's economic and diplomatic leadership prepares for the Strategic and Economic Dialogue in Beijing on May 24-25. Ex-Im Bank's Hochberg, along with Secretary of State Hillary Clinton and Treasury Secretary Tim Geithner, will participate as part of the U.S. delegation.
