Without Ex-Im, Manufacturing Economy Weakens

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NAM Releases White Paper Highlighting Impact of Bank’s Lapse

Washington, D.C., October 22, 2015 – Today, the National Association of Manufacturers (NAM) released a white paper, titled “Ex-Im Lapse Hurting U.S. Manufacturers,” detailing the quantifiable harm the lapse of the U.S. Export-Import (Ex-Im) Bank is having on manufacturers of all sizes across the country. A full copy of the white paper is available here.

“This white paper shows the tangible impacts manufacturers are facing every day due to the Ex-Im Bank’s lapse,” said NAM President and CEO Jay Timmons. “Our country’s export numbers continue to lag behind our foreign competitors. Meanwhile, dozens of foreign export credit agencies continue to close deals worth billions of dollars. Between the hard numbers and the groundswell of feedback manufacturers of all sizes continue to provide, the evidence is clear: Companies both large and small as well as manufacturers throughout the supply chain are struggling to grow and create jobs as a result of Congress’ decision to unilaterally economically disarm U.S. exporters. Congress has the opportunity to put us back on a path of growth by passing legislation to reauthorize the Ex-Im Bank.”

The white paper was unveiled during a press call with small and medium-sized manufacturers who use the Ex-Im Bank and have been impacted by its lapse.

Key findings from the paper include the following:

  • The expiration of the Ex-Im Bank’s charter at the end of June has left several thousand small- and medium-sized exporters without adequate access to capital and the financing they need to compete with foreign manufacturers. 
  • While the Ex-Im Bank lapsed, there are still 83 export credit agencies across the globe, many of which continue to close on deals worth tens of billions of dollars.
  • The Ex-Im Bank’s lapse has created a twofold credit and liquidity crunch for small and medium-sized businesses:
  • From September 1 to December 1 of this year, more than 500 U.S. exporters will lose their credit insurance policies, meaning they will be unable to insure their foreign receivables and acquire financing for exports.
  • Users of Ex-Im’s multi-buyer credit insurance cannot add new foreign customers to their policies, thereby reducing their opportunities to expand in overseas markets. 

To learn more about the importance of the Ex-Im Bank to U.S. manufacturing growth and jobs, click here.


 -NAM-


The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 14 million men and women, contributes $2.09 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.

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