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THE US Export-Import Bank has authorised a record US$24.5 (NZD$ 32.65 billion) in export financing in fiscal year 2010, supporting $34.4 billion worth of exports, according to the Shipping Gazette, citing a report by American Shipper.

The report said Fred Hochberg chairman and president of the US Export-Import Bank in fiscal 2010, approved 3,532 transactions, of which more than 1,000 companies used the bank’s financing for the first time.

In addition, the bank launched new products and services, including supply chain financing for small businesses and “Solar Express” financing for renewable-energy projects.

“While the bank’s 2010 performance is impressive, there remains enormous untapped potential for more American companies to sell more goods and services to more customers in more countries,” Hochberg was quoted saying.

According to the US Commerce Department, exports of US goods and services rose by 17.9% during the first eight months of the year compared to the previous year. Exports grew by 17.9% to US$1.2 trillion from January-August. In August alone exports totalled $153.9 billion.

Among the major export markets, the largest percentage increases in US goods purchases occurred in Taiwan, up 50%; Indonesia, up 46.6%; South Korea, up 46.4 %; Turkey, up 45.4%; Malaysia, up 43.5% and Brazil, up 40.9 %.

“While it’s promising that American consumer spending continues to rebound, today’s numbers are another reminder that we still have work to do to help US businesses sell more of their goods and services overseas,” Commerce Secretary Gary Locke was quoted saying. – Source: Shipping Gazette

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