In fiscal year 2013, Ex-Im Bank supported $37.4 billion of U.S. exports and more than 200,000 jobs
Klobuchar report shows that exports are critical to manufacturing: From 2009 to 2013, manufacturing exports increased 38 percent; Nearly 25 percent of production in the manufacturing sector is exported, supporting three million manufacturing jobs
WASHINGTON, D.C. – U.S. Senator Amy Klobuchar (D-MN), Vice Chair of the U.S. Congress Joint Economic Committee, today released a report outlining the impact the Export-Import Bank has on the U.S. economy. The report highlights the critical role exports have played during our economic recovery and shows that the Ex-Im Bank supported more than 200,000 U.S. jobs and $37.4 billion in U.S. exports in fiscal year 2013 alone. The Ex-Im Bank provides loans, loan guarantees, and insurance policies to increase export opportunities for U.S. businesses and will expire at the end of the September unless it’s reauthorized by Congress.
Klobuchar’s report also shows that exports are critical to the manufacturing sector. From 2009 to 2013, manufacturing exports increased 38 percent. Nearly 25 percent of production in the manufacturing sector is exported, supporting three million manufacturing jobs, the report found. In addition, the agriculture sector has increased its exports by 37 percent since 2009.
“This report underscores the important role the Export-Import Bank plays in helping small businesses in Minnesota and throughout the nation sell their products across the globe,” said Klobuchar. “Exports have played a critical role in lifting up local economies, and we need to make sure our businesses have the support they need to compete on a level playing field.”
Last year, the United States exported nearly $2.3 trillion in goods and services, the highest level on record. This accounted for more than 13 percent of our gross domestic product. According to one analysis, exports are projected to account for almost 40 percent of real U.S. GDP growth over this decade.
In Minnesota, the Export-Import Bank has supported nearly $2 billion in exports over the last seven years. From Superior Industries in Morris to Balzer in Mountain Lake, more than 170 Minnesota firms, two-thirds of which are small businesses, received financing from the Ex-Im Bank.
The Ex-Im Bank allows U.S. firms to compete on a more level playing field with countries around the globe that have their own export-supporting programs. Approximately 60 other countries, including the top ten exporting countries globally, have export credit programs. Moreover, the Ex-Im Bank often returns money to the Treasury, including more than $1 billion last year.
Klobuchar is a leader in efforts to boost America’s ability to compete in the global economy, working to cut red tape for businesses and open up new markets to U.S. exports. She serves on the President’s Export Council, and in 2010 she passed legislation—the Export Promotion Act—to help small- and medium-sized businesses sell their products in international markets.
The full report can be found here.
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