When you think of shrimp, here are a few fun facts about these crustaceans:
- Known as the “Fruit of the Sea”
- Forest Gump featuring Tom Hanks & Bubba Gump Shrimp
- And…May 10 also known as National Shrimp Day
While the U.S. is the largest consumer of shrimp, there are other U.S. seafood products that are in high demand worldwide. According to NOAA fisheries, the U.S. fishing and seafood sector generated more than $200 billion dollars in annual sales and supported 1.7 million jobs in recent years. In 2020, fresh fish, crustaceans, and mollusks exports sales from the U.S. totaled over $3.2 billion dollars.
With a demand for U.S. seafood worldwide, it’s hard to understand why you would not take advantage of these opportunities. One of the top concerns we hear from businesses who are new to exporting is how can I protect myself from risk and ensure I get paid for my foreign receivables?
The answer is very simple: Export Credit Insurance from the Export-Import Bank of the United States.
Export Credit Insurance (also known as ECI) reduces your nonpayment risk, while empowering you to offer attractive open credit terms to your international buyers. This will allow you to be extremely competitive, win new customers, and increase sales across the board.
Lund’s Fisheries Inc is a family-owned small business founded in 1954, they have a sustainable fishing operation on both East and West coasts. By utilizing EXIM’s Export Credit Insurance, Lund’s Fisheries has been able to:
- Build a global brand that is recognized in over 30 countries
- ~20% of revenue is due to exporting
- Exported ~$42.7 million since 2014
“Lund’s business was expanding and we were concerned about the issues of going global, so we were able to partner with EXIM to get that confidence level and that comfortable feel that we could continue to grow and extend terms” – Matt Viall, CFO of Lund’s Fisheries
EXIM has been supporting U.S. based businesses for over 88 years by offering trade solution products such as Export Credit Insurance, Working Capital, and Loan Guarantees. If you are interested in learning more, we encourage you to take advantage of a free consultation with one of our export finance specialists.