The Export-Import Bank of the United States (EXIM) is celebrating World Trade Month throughout May, highlighting how U.S. companies can expand their business by exporting their American-made goods and services around the globe.
As U.S. exports continue increasing — topping $3 trillion for the second year in row — World Trade Month offers an opportunity to underscore the significance of exporting for the nation's economy as well as the positive impact it can have for U.S. businesses that are seeking to grow sales and increase profitability.
As EXIM celebrates its 90th anniversary in 2024, President and Chair Reta Jo Lewis is emphasizing that world trade can bolster U.S. businesses of all sizes.
"We recognize that international trade is essential to the success of domestic commerce. It strengthens our economy and our workforce by investing in our country and our people," said Chair Lewis.
EXIM President and Chair Reta Jo Lewis celebrates World Trade Month. You also can view her message here.
A Strategic Growth Opportunity
With 95 percent of the world’s consumers located outside the United States, EXIM encourages all businesses to explore the opportunities that lie in global markets.
"International trade is also critical for the success of small businesses, which are the backbone of our economy and the engines of job growth," Chair Lewis said. "By exporting their goods and services to the global marketplace, small businesses can increase both their sales and their profitability."
Recent numbers from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, both agencies of the U.S. Department of Commerce, illustrate the possibilities. In 2023, exports of goods and services increased by $35 billion, or 1.2 percent, to $3.05 trillion. That total includes $2.05 trillion in exports of goods and $1 trillion in exports of services.
While the prospect of selling internationally may sound daunting, businesses don’t need to do it alone. There are government resources available to help at every step along the way.
That message is illustrated by successful small businesses who have relied on EXIM’s export finance tools, including Export Credit Insurance and Working Capital Loan Guarantees, to increase their sales and revenues.
- Montachem International Inc.: "EXIM Bank has provided us the opportunity to sell product into countries we might normally not be able to. It ensures collection, and that has also helped fuel the growth of our business and created some jobs as well," said Bennett Schwartz, Chief Financial Officer for the Fort Lauderdale, Florida, company.
- BNutty: "What we found during the pandemic was that putting all your eggs in one basket wasn't necessarily the best idea. Diversifying our client base and diversifying our income streams — it made a lot of sense, and that's what export allows us to do," said Carol Podolak, Vice President of the company based in Portage, Indiana.
- Global Export Marketing Company (GEMCO): "We were able to take risks in newer markets with newer customers that we didn't necessarily feel comfortable with initially, and we were able to nurture that relationship a lot further," said Mohammed Fazel, Vice President of the company headquartered in New York, New York.
Support to Bridge the Financial Gap
Throughout May, EXIM will be marking World Trade Month by participating in numerous events designed to educate small businesses about the opportunities exporting offers and how they can get started. You can see a list of these events here.
To help spread the word about EXIM financing to underserved communities, EXIM’s Minority and Women-Owned Business Division (MWOB) works closely with organizations that have a minority trade focus to create opportunities for U.S. companies that are owned by minorities, women, veterans, and people with disabilities.
As part of that effort, EXIM recently launched an innovative new product — the Equity Express Select (EQS) export credit insurance policy, an insurance tool created specifically to help underserved companies begin or expand their export business. It was developed in collaboration with the MWOB Division to support and empower minority-, woman-, veteran-, or disability-owned small businesses as well as rural businesses.
The EQS insurance product is designed to help qualifying businesses start or expand their exporting journey and then graduate to one of EXIM’s other export credit insurance products. It will be supported by an in-house customer service team that will guide companies through the application and servicing process.
To find out how EXIM can help your business compete in the global marketplace, schedule a free consultation with a trade finance specialist and start your export journey today.
