US Eximbank aims to double exports in five years

The Export-Import Bank of the United States, following a record-setting year in 2009, is increasing operations even more to help double US exports in the next five years, the bank's president said yesterday.

"I don't really like to forecast, but I can tell you the first three months of our year, we were triple last year's level [of authorisations]. We think that trend will continue," said Fred Hochberg.

As other sources of export financing dried up during the global financial crisis, the Eximbank authorised a record $21 billion (Dh77bn) in direct loans, credit guarantees and insurance to support US exports in fiscal 2009, which ended on September 30.

Then, it authorised a record $9.9bn in loans, guarantees and insurance in October through December, more than three times the $3.28bn the bank authorised in the first three months of fiscal 2009.

Countries such as Brazil, Mexico, Colombia, South Africa, Nigeria, Turkey, Vietnam, India and Indonesia are seen as particularly promising for US exports. Two weeks ago, President Barack Obama set what some believe is an unobtainable goal by pledging to double US exports to more than $3 trillion by the end of 2014.

But the sharp drop in US exports over the past year, combined with a strong rebound in demand for US goods in many markets, puts the target within reach, Hochberg said.

 

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