After the World Health Organization declared COVID-19 a global pandemic in March 2020, U.S. exports reached a low point in May 2020 as trade languished around the world. Since then, U.S. exports have been on the upswing and recent international trade data provided by the U.S. Census Bureau shows that the value of U.S. exports (which includes goods and services) in 2022 reached an even higher level than in 2021 and in the nearest preceding years of the pandemic.
Author: U.S. Census Bureau. Source: U.S. International Trade in Goods and Services; Balance of Payment Goods and Services: United States Jan-2017 to Dec-2022. URL: Business and Industry: Time Series / Trend Charts (census.gov)
Some EXIM small business customers, such as AKAS Textiles, a fabric manufacturer, and BNutty, a gourmet peanut butter company, have been following this positive trend and shipping even more product internationally in recent years. With 95% of the world’s customers outside of the U.S., exporting presents a wonderful opportunity to grow market share and mitigate risk. And EXIM levels the playing field for U.S. exporters such as the ones mentioned here by offering products such as Export Credit Insurance which enables them to offer more favorable open account terms to international buyers while protecting against buyer nonpayment due to commercial and political risks.
If you're based in the U.S. and would like to learn more about how EXIM's financing support can help your business export more competitively, please click here to speak with an EXIM trade finance specialist.