Bloomberg reported that South Korea topped the U.S. on government-backed export credit last year with an economy one-fourteenth as large. Germany helps Airbus compete against Boeing with loan guarantees. China supports exporters of petrochemicals and electronics.
According to Bloomberg, citing an Ex-Im report issued last week, China financed $111 billion in long- and medium-term export credit last year, Japan furnished $33 billion and South Korea $24 billion, while the U.S. provided $15 billion.
Bloomberg said the Obama administration wants to reauthorize Ex-Im for five years and gradually raise its lending limit to $160 billion from the current $140 billion.
Bloomberg notes that Republican lawmakers are saying the Ex-Im is rife with cronyism and are threatening to let the bank’s charter lapse at the end of September.
To view the full Bloomberg report, click here.
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!
No tags available