The Export-Import Bank of the United States is ready with financing and support for U.S. firms to increase exports, but Ex-Im Bank Chairman Fred Hochberg said Tuesday the country needs more businesses out in the world market selling products.
“We want to make sure you understand we are there to help in financing a project, but we need you to show up and make those bids, because obviously if we don’t do that we’re not going to be able to compete and win those orders,” Hochberg told members of the Coalition for Employment Through Exports.
Hochberg said that business and government leaders in such emerging economies as India, Brazil and Indonesia want to do more business with American companies.
By The Numbers: U.S. Foreign Trade
“They appreciate your transparency and straightforward approach. They admire the high quality craftsmanship of your products, and the service you provide,” Hochberg said. “But they say when it comes time to consider bids, American companies are often nowhere to be found. They are not showing up. And they are leaving billions and billions of dollars worth of potential sales on the table.”
He cited National Association of Manufacturers statistics showing that of the top 15 industrialized nations, the U.S. ranks last in the intensity of its export activity.
Hochberg said the bank’s business has increased 70 percent in the past two years. It underwrote financing for nearly $34 billion in U.S. products in fiscal 2010.
The bank solidly supports President Obama’s National Export Initiative to double exports in five years. Hochberg said the bank recently introduced new products to help small businesses export. In addition, the bank introduced a “supply chain” product to assist financing at companies that provide components that go into products exported by other companies.
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