Newspaper article THE JOURNAL RECORD

State Export Growth Tops U.S. Average

Newspaper article THE JOURNAL RECORD

State Export Growth Tops U.S. Average

Article excerpt

Exports of Oklahoma products and services are growing at a higher rate than the national average, according to the Oklahoma Department of Commerce.

Oklahoma manufactured export sales increased 14 percent in 1992 from 1991, while the national increase was 6.6 percent, the Department of Commerce reported Thursday.

Exports of state products and services increased $275 million in 1992 to $2.2 billion and the Department of Commerce said current reports and forecasts indicate the growth trend will continue.

One of the factors contributing to the increase in exports from Oklahoma is a program offered through the Capital Resources Network of the Department of Commerce, said Randy Kellogg, finance specialist for the department.

The network is designed to made international marketing more attractive for state firms by providing access to programs of the Export-Import Bank of the United States. These programs offer credit enhancements to Oklahoma banks to provide the special financing needs associated with export sales.

The Export Import Bank, commonly referred to as Eximbank, was established to encourage and increase international sales for U.S. companies. It is an independent government agency that helps finance and promote the sale of U.S. goods and services.

"The cooperative partnership we have established with Eximbank and its services can make the difference in whether a company decides to go into international sales or not," Kellogg said. "Through our city-state program relationship with Eximbank, we can help small and medium size Oklahoma businesses make arrangements for such things as working capital, export credit insurance and foreign buyer financing."

The goal and the result of the connection between the Commerce Department and Eximbank is making it easier for state firms to expand sales territories, and hopefully, the profitability of operations. …

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