Sec. 2. Findings
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The Congress finds as follows: Approximately 80 to 90 percent of world trade relies on trade finance, and the approximate value of the global market for trade finance is $10,000,000,000,000 per year. In 2012, export credit agencies in Germany and France extended roughly two-and-a-half times as much export financing—measured as a share of their GDPs—as was extended by the Export-Import Bank of the United States; export credit agencies in China and India provided almost 3 times, and in Korea provided 10 times, as much export financing as was provided by the Export-Import Bank of the United States.
It is estimated that there are as many as 85 export credit agencies globally. In a true free market economy, private sector financing options would negate the need for an export credit agency such as the Export-Import Bank of the United States. Unilateral abolishment of the Export-Import Bank of the United States would place United States manufacturing at a global competitive disadvantage. The United States historically has led efforts to impose international disciplines on government-backed export credit activity.