EXIM’s mission is to support American jobs by facilitating the purchase of American-made goods and services around the world. That includes small businesses that have been able to increase their workforce because they export products around the world.
The agency authorized a total of $8.8 billion in loan guarantees and insurance that supported an estimated $10.6 billion in U.S. export sales and an estimated 40,000 U.S. jobs in FY2023, according to EXIM’s 2023 Annual Report. During the last fiscal year, EXIM as a small U.S. government agency maintained a staff of approximately 400 full-time U.S. government employees who collectively contributed to these results.
Many EXIM customers have cited specific numbers of American jobs they have supported by exporting. For example, Texas-based aircraft manufacturer Air Tractor uses EXIM’s medium-term program for international buyer financing of its planes.
“Exports have increased 50 percent and sales have increased by 25 percent since we began using EXIM support on our lending program. That translates to support of 25 percent of our workforce, who are also our employee-owners. Our relationship with EXIM Bank has grown to be a very important part of our business,” said Phil Jeske, Finance Manager at Air Tractor.
Pennsylvania-based Aquatech International, a water purification and treatment system manufacturer, received a multi-million-dollar direct loan from EXIM last year through the Make More in America (MMIA) Initiative which will empower it to compete for substantial international and domestic lithium extraction projects. The domestic financing program will allow the company to modernize and expand its laboratories in two U.S. locations, supporting 10 construction jobs and eight new jobs at Aquatech in the process.
EXIM’s 2023 Annual Report addresses how the estimated number of American jobs supported by exports is calculated using an Input-Output modeling framework used by the Department of Commerce’s International Trade Administration (ITA). A deeper dive about this methodology can be found on the ITA website, which also provides macroeconomic-focused visualization charts showing the total number of U.S. jobs supported by exports by product type, share of employment supported by exports within industries, and more.
As an international trade agency, supporting American jobs through exports remains at the core of EXIM’s mission. To learn more about how EXIM’s financing support can minimize risk and level the playing field for U.S. exporters, click here to schedule a free consultation with an EXIM trade finance specialist.
