Export Administration Renewal Act of 2011

Export Administration Renewal Act of 2011 - Amends the Export Administration Act of 1979 (Act) to: (1) increase criminal penalties for violations of the Act by an individual and by a person other than an individual, (2) increase civil penalties, and (3) revise forfeiture provisions.

Authorizes the Secretary of Commerce, when in the public interest, to issue without a hearing an order temporarily denying U.S. export privileges in order to prevent an imminent violation of this Act.

States that Congress finds that statutory authority to conduct investigations overseas, as well as undercover authority, is necessary for the DOC's Office of Export Enforcement to combat proliferation activities involving Iran and other hostile state and non-state actors.

Amends the Act to: (1) authorize the Secretary and designated Department of Commerce officers and employees to conduct investigations outside of the United States; (2) authorize and set forth provisions for forfeiture and undercover investigations, including funding for the Bureau of Industry and Security.

Requires the Secretary to provide Congress with 30-day advance notice of any significant regulations issued pursuant to the Act.

Extends the Act through September 30, 2015, with violations and enforcement provisions to remain in effect after such date.

Amends the Act and the Arms Export Control Act to revise the certifications required for the recession of a determination that a government of a country is a state sponsor of international terrorism to: (1) extend to 36 months the period that the government has abstained from such acts and (2) require that the government is not a "country of proliferation concern."

Retitles the Under Secretary of Commerce for Export Administration as the Under Secretary of Commerce for Industry and Security.

Requires the Comptroller General to report to Congress regarding export control vulnerabilities identified by the Government Accountability Office (GAO).

Amends the Arms Export Control Act to permit generic parts and components for defense articles on the United States Munitions List (USML) not to be considered as defense articles if such parts or components do not have specialized or unique military or intelligence capability or significance.

Subjects an item removed from the USML to the same level of export controls as it had prior to removal unless the President: (1) determines that less restrictive controls are appropriate and in the national interest, and (2) complies with certain notice requirements.

States that there shall be a presumption of denial of any application for a license or other approval to export to China any item that is removed from the USML and is listed on the Very Sensitive List or Sensitive List of the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies. Authorizes the waiver of such prohibition if the President: (1) determines the waiver to be in the national interest, and (2) complies with certain reporting requirements.

States that an application for a license or other approval to export any item that is removed from the USML to any country or end-user that is subject to specified U.S. sanctions or to a multilateral arms embargo under the U.N. Security Council shall be denied.