Washington D.C. – The National Foreign Trade Council (NFTC) and the Coalition for Employment through Exports (CEE) today released a ‘Comparative ECA Finance Graph,’ comparing export credit agency (ECA) and market windows financing provided by major exporting countries in 2015 in support of their national exporters.
The ECA graph, based on data from the Export-Import Bank 2016 Competitiveness Report, underscores the gross disparity between U.S. export financing support and government export financing support provided by other countries, most significantly China, whose export financing volumes in 2015 were more than 40 times that of the United States.
“Fair trade and American jobs depend fundamentally upon maintaining a competitive balance in trading relationships” said Rufus Yerxa, President of the NFTC. “This data shows the extent to which our competitors are outspending the U.S. on export financing programs. Giving our exporters a level-playing field so they can compete globally and continue to create jobs is a key component of our economy. The Ex-Im Bank has supported U.S. exporters for decades, and it must not be relegated to the sidelines.”
John Hardy, President of CEE said: “The U.S. cannot sustain this imbalance without losing exports and the jobs they support. Both Houses of Congress understood this when the Ex-Im Bank was reauthorized by super-majorities in 2015. Currently, there are $30 billion in export transactions greater than $10 million in the Ex-Im Bank awaiting action. Those exports support more than 200,000 jobs in the U.S., and they cannot be supported without a fully functioning Ex-Im Bank.”
The NFTC and the CEE urge Congress and the Administration to support U.S. exporters and encourage job creation by addressing the Bank Board quorum issue, enabling the Ex-Im Bank to fulfill its potential as an export driver.