2012 508 accessible version - Export-Import Bank of the United States

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high. The major programs of aircraft finance and project finance adjusted very effectively to the developments of the market place. Export Trends As illustrated by Figure 2, export growth rates in 2012 slowed significantly across the globe. OECD export credit growth slowed from 15% to 6% while the growth rate of BRIC exports to the world fell from 20% in 2011 to 4% in 2012. The OECD and World Trade Organization forecasts for 2013 suggest another year of modest export growth globally. In 2012, BRIC and OECD exports of goods as a proportion of world exports held steady at 17% and 58%, respectively. Figure 2: World Exports of Goods and Capital Goods, 2007-2012 20 18 16 14 Trillion USD 12 10 8 6 4 2 0 2007 2008 2009 2010 2011 2012(E) World Exports of Goods OECD Exports of Goods BRICs Exports of Goods World Exports of Capital Goods OECD Exports of Capital Goods BRICs Exports of Capital Goods Source: World Trade Organization Time Series Statistics; OECD International Trade MEI Dataset *Estimate 16
Figure 3 illustrates that overall capital flows into emerging markets remained fairly stable in 2012 with commercial bank flows down “only” 20%, as opposed to the virtual collapse anticipated at this time a year ago. The macroeconomic indicators suggest that commercial bank activity in 2013 (including medium- and long-term export financing) may look much like 2012. Figure 3: Net Capital Flows into Emerging Markets, 2007-2012 (Billions USD) 2007 2008 2009 2010 2011 2012* 2013** Official Flows International Financial Institutions 2.7 26.5 46.0 29.0 17.0 ***16.9 18.0 Bilateral Creditors 8.7 30.7 21.0 26.0 44.0 33.0 37.0 Private Flows Equity Investment 296.0 413.4 475.0 550.0 528.0 572.0 616.0 Commercial Banks 410.0 123.7 -15.0 164.0 177.0 143.0 152.0 Non-Banks 222.0 130.0 142.0 194.0 379.0 365.0 351.0 Total 939.4 724.3 669.0 963.0 1,145.0 1,113.0 1,174.0 Source: Institute of International Finance, “Capital Flows to Emerging Markets,” January 2013 * Indicates estimated figures ** Indicates projection *** IIF January 2012 report Export Finance Trends – G-7 and Major OECD ECA Competitors As noted in Chapter 1, over the past few years, Ex-Im Bank has regularly reported on the increasing number of ECA programs warranting attention from a competitive standpoint. Thus, in 2012, Ex-Im Bank expanded the scope of competitor ECAs against which Ex-Im Bank assesses its programs and policies beyond the other G-7 ECAs. The expanded scope of ECAs includes those ECAs whose volume and relevance to U.S. exporter interests warranted inclusion. Please note that this is Ex-Im’s first year of this expanded data capture, and further refinements to the data will follow in the coming years. 17
Page 1 and 2: EXPORT-IMPORT BANK of the UNITED ST
Page 3: FRED P. HOCHBERG CHAIRMAN AND PRESI
Page 6 and 7: The data gathered adds another info
Page 8 and 9: potentially U.S. jobs, as the globa
Page 11 and 12: Table of Contents Executive Summary
Page 13 and 14: Executive Summary Background The 2
Page 15 and 16: Consequently, the competitiveness o
Page 17 and 18: Chapter 7 concludes that of the maj
Page 19 and 20: Chapter 1: Introduction Background
Page 21 and 22: For example, NEXI of Japan is legal
Page 23 and 24: transparent and comparable data has
Page 25: Chapter 2: Competitiveness Framewor
Page 29 and 30: Figure 4 illustrates steady to stag
Page 31 and 32: Chapter 2: Competitiveness Framewor
Page 33 and 34: Chapter 2: Competitiveness Framewor
Page 35 and 36: Ex-Im Bank’s Policy and Practice
Page 37 and 38: financing so long as these activiti
Page 39: Conclusion Traditionally, the major
Page 42 and 43: project) or the borrower are availa
Page 44 and 45: of the markets; less restrictive in
Page 46 and 47: the few ECAs that offers 85% cover
Page 48 and 49: Figure 14: Cover Policy for 25 Sele
Page 51 and 52: Chapter 3: Core Business Policies a
Page 53 and 54: Figure 15: Number and Volume of Lon
Page 55 and 56: Figure 17: USD Senior Five-Year CDS
Page 57 and 58: Chapter 3: Core Business Policies a
Page 59 and 60: notified 21 transactions that met t
Page 61 and 62: Figure 20: Total Premia-Related OEC
Page 63: Chapter 3: Core Business Policies a
Page 66 and 67: among Category 1, 2 or 3 aircraft,
Page 68 and 69: jeopardized by the aforementioned E
Page 70 and 71: the wider variety of funding source
Page 72 and 73: corporate financing. In 2012, the v
Page 74 and 75: Figure 26: U.S. Ex-Im Bank Transact
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income OECD project financings was
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Exporter and Lender Survey and Roun
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financing program involves the type
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Chapter 4: Major Program Structures
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Ex-Im Bank’s Carbon Policy In 200
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OECD Practitioner peer review exerc
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Figure 31: Total OECD ECA Renewable
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support for renewable energy in 201
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2. Marketing efforts: Ex-Im Bank ac
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Ex-Im Bank Policy and Practice Ex-I
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Ex-Im Bank’s Policy and Practice
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also found the availability and fle
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Tied Aid and Definitions Tied aid c
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commercially viable (CV) and commer
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Figure 40: Number and Volume of Hel
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particular project for a period of
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Figure 43: Helsinki-type Tied Aid N
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Figure 47: Helsinki-type Tied Aid N
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Annex A: Key Markets Where Tied Aid
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Annex C: Projects Generally Conside
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Chapter 4: Major Program Structures
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Chapter 5: Public Policies - Stakeh
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When an application is withdrawn du
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Ex-Im Bank is the only G-20 ECA tha
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demonstrated either: (1) the availa
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In contrast, survey respondents ind
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As part of this collaboration, the
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Trends Figure 61 illustrates the si
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Chapter 7: Evolving ECA Landscape A
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world's capital goods exports. The
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export financing of other countries
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were reported in 2012 where over 40
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Appendix A: Calculation of Ex-Im Ba
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Appendix B: Purpose of Ex-Im Bank T
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window programs and untied financin
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Figure C3: Exporter Survey Responde
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Figure C9 shows the volume of expor
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Non-Standard Financing Section Resu
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Appendix D: Short-term Insurance Pr
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use of export credit insurance were
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Conclusion - Short-Term Survey Resu
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Figure D4: Reasons Lenders and Expo
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Appendix E: Major Export Credit Ins
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may on-lend support that China rece
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is the majority shareholder. The pr
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ased on its own cost of funding. Wh
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Annex A: New ECA Funding Products a
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Figure F2 (Continued): Medium-Term
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Figure F3 (Continued): Long-Term Tr
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and Labor, that the “the purchasi
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Appendix I: Trade Promotion Coordin
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attractive payment terms. Global Cr
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1 Currency Key - Hard: AUD - Austra
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While the dialogue focus varied fro
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Appendix L: ECA Activity Data Colle
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