The International Chamber of Commerce (ICC) has released its 2020 Global Survey on Trade Finance, revealing that banks are optimistic about the evolving nature of trade finance, though unsurprisingly expect various industry-wide challenges and disruption as a result of the COVID-19 pandemic
In turn, ICC also conducted a supplementary COVID-19 survey to understand banks’ sentiment regarding the initial impact of the pandemic on trade finance, with banks across geographies reporting an average 0-10% decrease in their trade flows in the first quarter of 2020, and most expecting at least a 20-30% decline for the full year.
“Trade is fundamentally important to global economic health, growth and development, and is even more critical in times of crisis,” says Alexander Malaket, Chair of the ICC Global Survey on Trade Finance. “This latest edition of the report makes an important contribution to raising the quality and thoughtful character of the discourse on international trade and trade financing.”
The news was covered by The Paypers, TMI, TRF news, Trade Finance Global, Ledger Insights, TXF news, TXF news, Business Money, Hellenic Shipping News, GTR, CTMfile, Financial IT, The Asset, The Currency Analytics.