The administration’s National Export Initiative calls for a 20 percent increase in next year’s budget for the Department of Commerce’s International Trade Administration, bringing it to $534 million. This would enable ITA to hire up to 328 trade experts to help U.S. companies find customers in foreign countries, with a particular focus on high-growth markets like China, India and Brazil.Read more here.
The ITA aims to help 23,000 businesses to start exporting or grow their international sales next year. Over the next five years, the agency is shooting for a 50 percent increase in the number of small- and medium-size businesses that export to more than one market.
The administration also wants the Export-Import Bank to increase the financing it makes available to small- and medium-size businesses from a record $4.4 billion last year to $6 billion next year.
Ex-Im Bank is an independent federal agency that provides loan guarantees, export-credit insurance and direct loans to finance sales of U.S. exports.