FROM: U.S. EXPORT-IMPORT BANK
Export-Import Bank Chairman Fred P. Hochberg’s Statement on Recent Export Data Released from Commerce Department
U.S. Exports Reach $189.9 Billion in April
Washington, D.C. – According to the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department, the United States exported $189.9 billion of goods and services in April, 2015. Export-Import Bank of the United States (EXIM) Chairman and President Fred P. Hochberg issued the following statement with respect to April’s export data released by BEA.
“These numbers are a testament to the ingenuity of U.S. exporters, who face off against tough foreign competitors in the global marketplace every day in order to win sales and create more middle class American jobs,” said Hochberg. “At EXIM, we are proud to serve as a vital resource for thousands of American businesses, 90 percent of which are small, by equipping them with financing tools that empower them to confidently export while creating jobs here at home.”
ABOUT EX-IM BANK:
EXIM Bank is an independent federal agency that supports and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees and export credit insurance, to promote the sale of U.S. goods and services abroad. Ninety percent of its transactions directly serve American small businesses.
In fiscal year 2014, EXIM Bank approved $20.5 billion in total authorizations. These authorizations supported an estimated $27.5 billion in U.S. export sales, as well as approximately 164,000 American jobs in communities across the country.
Showing posts with label CHAIRMAN HOCHBERG. Show all posts
Showing posts with label CHAIRMAN HOCHBERG. Show all posts
Thursday, June 4, 2015
Thursday, August 1, 2013
EXPORT-IMPORT BANK CHAIRMAN HOCHBERG ON SUCCESS IN GLOBAL MARKET
FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank Chairman Outlines How American Exporters Can Remain Competitive Despite Unprecedented Challenges
In Annual Competitiveness Report, Hochberg Describes Path to Success in Tough Global Market
Washington, DC – Today, Export-Import Bank Chairman Fred P. Hochberg outlined the unprecedented challenges facing our nation’s exporters in a keynote address at the Center for American Progress. During his speech, Hochberg spoke about how U.S. companies are often forced to go head-to-head with foreign governments who offer attractive financing, provided a strong defense of Ex-Im Bank, and outlined how U.S. companies can succeed in an increasingly competitive global environment.
Excerpts from Hochberg's speech
“American products are the best in the world. And on a level playing field, they often come out on top. But, today more than ever, foreign governments are willing to do whatever it takes to close a sale – putting massive resources behind their chosen exporters, which are often state-owned enterprises.”
“In this year’s competitiveness report, we found that China, Korea, Japan and others are ramping up government export support… Yet, here at home, Congress has required the Treasury Department to begin negotiations with our competitors to end export credits…To end export credits when our competitors are playing by a completely different set of rules…This would be a self-inflicted wound our economy cannot sustain.”
“Make no mistake, foreign governments would love to see Ex-Im go out of business and swoop in and snatch the $50 billion worth of exports we financed last year. They would love to have those 255,000 American jobs for themselves. Failing to reauthorize our charter next year is a particularly bad idea in light of the growth of the global middle class and the unprecedented competition America faces from Asia and Russia, among many others.”
Key findings from Ex-Im Bank's Competitiveness Report
Commercial bank capacity has declined and cost of funds has increased worldwide since the global financial crisis, shifting the volume of demand from commercial lenders to export credit agencies (ECAs).
The global financial crisis has altered the landscape, affecting economic progress in Europe while manufacturing prowess has vastly improved in Asia. Many Asian countries have ambitious export plans to gain market share and the financing that goes along with it.
U.S. exporters compete in many markets and sectors that other countries have targeted as a “national interest,” either explicitly as part of their national policy, or implicitly by making available a range of official financing tools intended to maximize the flow of national benefits.
More and more financing is being offered outside of OECD guidelines. But it’s not just interest rates. It is open season on other inducements as non-OECD countries continue to use financing to sway purchase decisions.
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 Chairman Outlines How American Exporters Can Remain Competitive Despite Unprecedented Challenges
In Annual Competitiveness Report, Hochberg Describes Path to Success in Tough Global Market
Washington, DC – Today, Export-Import Bank Chairman Fred P. Hochberg outlined the unprecedented challenges facing our nation’s exporters in a keynote address at the Center for American Progress. During his speech, Hochberg spoke about how U.S. companies are often forced to go head-to-head with foreign governments who offer attractive financing, provided a strong defense of Ex-Im Bank, and outlined how U.S. companies can succeed in an increasingly competitive global environment.
Excerpts from Hochberg's speech
“American products are the best in the world. And on a level playing field, they often come out on top. But, today more than ever, foreign governments are willing to do whatever it takes to close a sale – putting massive resources behind their chosen exporters, which are often state-owned enterprises.”
“In this year’s competitiveness report, we found that China, Korea, Japan and others are ramping up government export support… Yet, here at home, Congress has required the Treasury Department to begin negotiations with our competitors to end export credits…To end export credits when our competitors are playing by a completely different set of rules…This would be a self-inflicted wound our economy cannot sustain.”
“Make no mistake, foreign governments would love to see Ex-Im go out of business and swoop in and snatch the $50 billion worth of exports we financed last year. They would love to have those 255,000 American jobs for themselves. Failing to reauthorize our charter next year is a particularly bad idea in light of the growth of the global middle class and the unprecedented competition America faces from Asia and Russia, among many others.”
Key findings from Ex-Im Bank's Competitiveness Report
Commercial bank capacity has declined and cost of funds has increased worldwide since the global financial crisis, shifting the volume of demand from commercial lenders to export credit agencies (ECAs).
The global financial crisis has altered the landscape, affecting economic progress in Europe while manufacturing prowess has vastly improved in Asia. Many Asian countries have ambitious export plans to gain market share and the financing that goes along with it.
U.S. exporters compete in many markets and sectors that other countries have targeted as a “national interest,” either explicitly as part of their national policy, or implicitly by making available a range of official financing tools intended to maximize the flow of national benefits.
More and more financing is being offered outside of OECD guidelines. But it’s not just interest rates. It is open season on other inducements as non-OECD countries continue to use financing to sway purchase decisions.
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.
Saturday, March 23, 2013
EXPORT-IMPORT BANK CHAIRMAN COMPLETS MISSION TO MEXICO
FROM: U.S. EXPORT-IMPORT BANK
Ex-Im Bank Chairman Hochberg Concludes Successful Business Development Mission in Mexico City
Chairman Encourages Mexican Businesses to "Buy American"
Mexico City, Mexico: Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), concluded a successful business-development mission in Mexico March 13 – March 15. During his visit, Hochberg met with local businesses and government leaders to promote Ex-Im Bank financing. The Bank’s financing helps support the purchase of U.S. goods and services by Mexican buyers.
"As our nation’s leading trading partner and Ex-Im Bank’s top customer, Mexico provides enormous opportunities for American businesses and workers," said Hochberg. "I am pleased with the outcome of our meetings and look forward to continuing to work with our partners in Mexico on projects that boost our nations’ economies and create jobs on both sides of the border."
"With bilateral trade of over half a trillion dollars in 2012, Mexico is our second-largest export market and our third-largest source of imports," Ambassador Wayne said. "Supply chains are integrated across the border and thousands of jobs on both sides of the border depend on smooth, open bilateral trade. I am grateful for Chairman Hochberg’s visit and to our Mexican government and private sector counterparts for looking for new ways to build on our strong economic partnership."
While in Mexico City, Hochberg met several business and financial leaders, including Enrique de la Madrid Cordero, director of Bancomext; Carlos Slim Domit, chairman of board, Grupo Carso; Andrés Conesa, chairman of AeroMexico; Eduardo Tricio, chairman of Grupo Industrial Lala; Claudio X. Gonzalez, chairman of Consejo Mexicano de Hombres de Negocios; Alejandro Alonso, CEO of Aerolineas Ejecutivas; Emilio Lozoya Austin, director general of PEMEX; Francisco Rojas, director of CFE; Agustin Carstens, governor of Mexico´s Central Bank; and Luis Videgaray, secretary of Hacienda, Ministry of Treasury.
Mexico is one of nine key markets (others are Brazil, Colombia, Turkey, South Africa, Nigeria, India, Indonesia and Vietnam) where Ex-Im Bank is focusing its business-development efforts because of the country's infrastructure and development needs. Mexico is currently the largest market exposure in Ex-Im's portfolio ($8.5 billion in FY’12).
Ex-Im Bank Chairman Hochberg Concludes Successful Business Development Mission in Mexico City
Chairman Encourages Mexican Businesses to "Buy American"
Mexico City, Mexico: Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), concluded a successful business-development mission in Mexico March 13 – March 15. During his visit, Hochberg met with local businesses and government leaders to promote Ex-Im Bank financing. The Bank’s financing helps support the purchase of U.S. goods and services by Mexican buyers.
"As our nation’s leading trading partner and Ex-Im Bank’s top customer, Mexico provides enormous opportunities for American businesses and workers," said Hochberg. "I am pleased with the outcome of our meetings and look forward to continuing to work with our partners in Mexico on projects that boost our nations’ economies and create jobs on both sides of the border."
"With bilateral trade of over half a trillion dollars in 2012, Mexico is our second-largest export market and our third-largest source of imports," Ambassador Wayne said. "Supply chains are integrated across the border and thousands of jobs on both sides of the border depend on smooth, open bilateral trade. I am grateful for Chairman Hochberg’s visit and to our Mexican government and private sector counterparts for looking for new ways to build on our strong economic partnership."
While in Mexico City, Hochberg met several business and financial leaders, including Enrique de la Madrid Cordero, director of Bancomext; Carlos Slim Domit, chairman of board, Grupo Carso; Andrés Conesa, chairman of AeroMexico; Eduardo Tricio, chairman of Grupo Industrial Lala; Claudio X. Gonzalez, chairman of Consejo Mexicano de Hombres de Negocios; Alejandro Alonso, CEO of Aerolineas Ejecutivas; Emilio Lozoya Austin, director general of PEMEX; Francisco Rojas, director of CFE; Agustin Carstens, governor of Mexico´s Central Bank; and Luis Videgaray, secretary of Hacienda, Ministry of Treasury.
Mexico is one of nine key markets (others are Brazil, Colombia, Turkey, South Africa, Nigeria, India, Indonesia and Vietnam) where Ex-Im Bank is focusing its business-development efforts because of the country's infrastructure and development needs. Mexico is currently the largest market exposure in Ex-Im's portfolio ($8.5 billion in FY’12).
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