The aerospace behemoth The Boeing Company BA reported first quarter 2016 deliveries with commercial deliveries dipping 4.3%.Boeing’s commercial deliveries of 176 airplanes declined due to lower demand for its older long-range 767 and double-decker 747 jets. Shipments of Boeing’s 787 Dreamliners remained stable at 30 year over year, while shipments of its 737 jets also remained flat at 121. For the 747 and 767 jets, the company’s deliveries remained at one each in the quarter, compared with 5 units of 767s and 4 units of 747s in the year-ago quarter, respectively. Boeing delivered 23 units of 777 in first-quarter 2016 as against 24 units in the year-ago period.In the defense and space business, Boeing’s deliveries numbered 50 in the first quarter of 2016, compared with 42 a year ago. Total deliveries in the quarter consisted of 18 AH-64 Apache helicopters (both new and remanufactured) and 12 Chinook helicopters (new and renewed). The company also delivered 8 F/A-18 jets, 4 P-8 models, 4 F-15s, 3 C-17 Globemaster III and 1 Commercial and Civil Satellite.Boeing’s total deliveries, however, remained flat at 226 in the first quarter 2016.Meanwhile, Boeing’s chief executive highlighted the fact that the company is losing important contracts for aircraft and satellites to overseas rivals due to a stand-off in Congress over the future of the U.S Export-Import (Ex-Im) Bank. This has restricted the export credit agency’s financing capabilities.Boeing had in the past significantly benefited from the support it received from the Ex-Im Bank. After boosting U.S. exports for nearly eight decades, the credit agency’s charter finally ended in Jun 2015. The closure of the Ex-Im Bank is undoubtedly a setback for Boeing as a substantial portion of its foreign orders was guaranteed by the bank.Presently, three out of the five seats on the Ex-Im Bank’s board are vacant. This means transaction of more than $10 million or deals lasting for over one year cannot be approved. The board’s short of a quorum has left the bank closed to aircraft deals since last July, even after its reauthorization in December last year following a long bipartisan political war.Fred Hochberg, Ex-Im Bank’s chairman said the Ex-Im Bank had $10 billion worth of deals in the pipeline that were being held up due to vacancies on its board. “We would like to be fully operational,” he said.As the political debate continues over the bank, some critics are of the opinion that it is a medium for corporate benefit, while others including President Obama believe it is critical for U.S. manufacturers facing competition from companies that benefit from their own domestic export-credit agencies.Boeing is slated to release its first quarter 2016 numbers on Apr 27.Zacks RankBoeing currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the aerospace and defense equipment industry include HEICO Corporation HEI, Huntington Ingalls Industries, Inc. HII and AeroVironment, Inc. AVAV. While HEICO sports a Zacks Rank #1 (Strong Buy), AeroVironment and Huntington Ingalls carry a Zacks Rank #2 (Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BOEING CO (BA): Free Stock Analysis Report AEROVIRONMENT (AVAV): Free Stock Analysis Report HEICO CORP (HEI): Free Stock Analysis Report HUNTINGTON INGL (HII): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research