In today's globalized world, trade is a powerful engine for economic growth. International trade activity in goods and services remains the cornerstone support of their financial system, facilitating economic expansion as well as international cooperation and development. For the first time since 1982, international trade is contracting worldwide. Recent World Bank statistics predict the volume of trade in goods and services to drop by 6.1% in 2009, with a significantly sharper contraction in trade volumes of manufactured products. Trade finance to and from emerging markets in Asia appears to have been particularly hard hit. Many banks are also facing tougher capital requirements for their trade assets. As recession strikes, the outlook for 2009 is negative.
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One of the reasons for the collapse of world trade is insufficient trade credit financing. The World Bank estimates that a fall in the supply of trade finance has contributed some 10% to 15% of the decrease in world trade since the second half of 2008. One clear lesson from the Asian financial crisis is that in periods prone to a lack of trust and transparency, and herd behavior, all actors -- including private banks, export credit agencies and regional development banks -- should pool their resources, as far as practicable. The trade finance 'package' proposed during the G20 London Summit responds in large measure to the criteria developed by the WTO Expert Group on Trade Finance. The WTO will continue to assess market developments, mobilize political energy and funding to restore the ...
... those most likely to be hit by the contraction of trade credit supply. - More co-sharing of risk ...
... credit event, or a return to global contraction. . GBP: Credit Suisse believes it unlikely that th...
... replaced by a projected 10 per cent contraction in 2009, It is one of the biggest challenges that ...
... change in valuation (expansion or contraction). Empirical studies underscore the importance of d...
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