U.S. exports

Steve Carmody / Michigan Radio

Michigan businesses are taking part in a new push to resurrect a federal agency that helped American companies do business overseas.

The Export Import Bank of the United States was created under President Franklin Roosevelt. It has been the official export credit agency of the U.S. government. Its purpose is to provide financing and insuring foreign purchases of U.S. goods for customers unable or unwilling to accept the credit risk. 

Scott Schopieray / Flickr

This weekend cherry growers in southwest Michigan will begin to harvest their crop.

Despite a hard freeze in late May, Michigan is expected to produce 134 million pounds of tart cherries, according to the U.S. Department of Agriculture.  That’s about a third less than last year, but still, more than any other state.

Lindsey Smith / Michigan Radio

Starting today, the Export-Import Bank can't offer new loans to foreign customers.

The bank helps American companies sell their goods overseas when regular banks won’t take on the risk. Congress did not reauthorize the 80-year-old bank before leaving for the Fourth of July recess, allowing it to expire.

The value of all the hogs, milk, corn, fruits and vegetables Michigan exported to other countries has doubled since 2006; going from just under a billion dollars, to an estimated $3.5 billion in 2013. The estimates come from the U.S. Department of Agriculture.

jamesjyu / via flicker

When we think about food grown in Michigan, many people might assume that Michiganders are the ones who are consuming it.

It turns out we aren't the only ones eating our state's crops.

Michigan is number 17 among other states in agricultural product exportation, but that could increase in the next ten years. 

Jamie Zmitko-Somers is with the Michigan Department of Agriculture and Rural Development.

Lindsey Smith / Michigan Radio

The Grand Rapids area economy will continue to grow at a modest pace in 2012. Economists at Grand Valley State University are predicting employment growth between 1.5 and 2-percent this year.

GVSU Professor of Economics Hari Singh surveyed close to 300 business owners in Allegan, Ottawa, Kent and Muskegon counties to compile his report. He says 70-percent of employers told him they plan to hire permanent employees this year.

Michigan Senator Debbie Stabenow and a top Obama Administration trade Official were in Detroit Tuesday, talking about how to boost U.S. exports. President Obama wants to double U.S. exports by 2015.  Under Secretary for International Trade Francisco Sanchez joined Stabenow to trade ideas with local business leaders. Sanchez says the Obama administration is making progress on leveling the playing field for U.S. exports.