ADB：2023年贸易融资缺口、增长和就业调查报告（英文）

VIP专享

3.0 百年孤独 2024-06-16 38 1.5MB 13 页免费

侵权投诉

ADB BRIEFS

NO. 256

SEPTEMBER

2023

ISBN 978-92-9270-311-0 (print)

ISBN 978-92-9270-312-7 (electronic)

ISSN 2071-7202 (print)

ISSN 2218-2675 (electronic)

Publication Stock No. BRF230334-2

DOI: http://dx.doi.org/10.22617/BRF230334-2

2023 Trade Finance Gaps,

Growth, and Jobs Survey

KEY POINTS

• The global trade finance gap

reached an estimated $2.5trillion

in 2022, or 10% of global

merchandise trade. The gap is

up materially from $1.7 trillion

in 2020.

• Companies identified access to

financing as a major challenge

for trade.

• Digitalization of global trade

can reduce the gap, facilitate

transparency, and underpin

a greater ability to monitor

environmental and social

standards, but is held back by a

lack of harmonized standards for

electronic documents and related

legislation recognizing electronic

trade documents.

• Of the banks surveyed, 80%

view sustainable financing as

an opportunity and anticipate

a surge in demand for related

products and advisory services.

Progress on sustainability is

impeded by a lack of harmonized

standards and data collection,

along with reporting mechanisms

to demonstrate compliance.

Recommendations

• Increase trade financing capacity

through SME-targeted credit

processes, deep-tier supply

chain finance, and the attraction

of pools of new capital.

• Integrate trade financing into

crisis response programs.

• Advance the global agenda

around digitalization of

trade, focusing on standards

harmonization, commercial

adoption, legislation, and policy.

• Harmonize sustainability

standards and enhance related

data collection and reporting

mechanisms.

Steven Beck

Head of Trade and

Supply Chain Finance Program

Asian Development Bank

Kijin Kim

Senior Economist

Economic Research and Development

Impact Department

Asian Development Bank

Ankita Pandey

Consultant

Trade and Supply Chain

Finance Program

Asian Development Bank

Mara Claire Tayag

Senior Economics Officer

Economic Research and

Development Impact Department

Asian Development Bank

Ma. Concepcion Latoja

Consultant

Economic Research and

Development Impact Department

Asian Development Bank

Alexander R. Malaket

Senior Special Projects Advisor

Trade and Supply Chain Finance

Asian Development Bank

INTRODUCTION

Trade financing is critical for enabling international commerce and driving international

development and poverty reduction. Trade, 80% of which depends on some form of

financing, has lifted millions of people out of poverty, underpinned global growth and

increased prosperity, and arguably contributes to improved global security. In addition, the

importance of supply chains and supply chain resilience has been brought into focus by the

coronavirus disease (COVID-19) pandemic, with adequate financing for small and medium-

sized enterprise (SME) suppliers in particular being an important part of the resilience

equation. For these reasons, it is imperative to understand the size and directional trend of

unmet demand for trade financing—the trade finance gap—so that we can put policy and

commercial measures in place to increase financing capacity where it is most needed.

Global goods trade (exports) in value rebounded, with growth rates of 26.6% in 2021

and 11.5% in 2022, following the significant contraction resulting from the COVID-19

pandemic in the 2 previous years.1 Despite the resurgence following the pandemic’s

impact, the global trade environment remains challenging for traders. Following a

1 The global trade growth rate in 2019 was –2.7% whereas in 2020 it was –7.2%.

ADB BRIEFS NO. 256

zero-growth rate during the last quarter of 2022, as of April 2023,

global exports in value slowed year-to-date, showing a decline of

around 3%.2 Factors such as global economic slowdowns, rising

interest rates, protectionist trade policies, coupled with mounting

inflationary pressure, have all contributed to these difficulties. Notably:

• Financing costs are increasing systemically, including for micro,

small, and medium-sized enterprises (MSMEs).

• Increasing focus on sustainability and environmental, social,

and governance (ESG) presents transformative opportunities

but also risks increasing financing costs, in part through more

complex due diligence costs.

Now in its eighth edition,3 the Asian Development Bank (ADB)

survey4 explores the following topics:

(i) the trade finance gap, including trends and latest

developments in 2021–2022;

(ii) supply chain resilience;

(iii) digitalization of trade;

(iv) ESG, sustainability, and sustainable trade financing;

(v) the impact of the Russian invasion of Ukraine;

(vi) options for reducing the trade finance gap; and

Figure 1: Global Trade Finance Gap

1.4 1.5 1.5 1.7 2.5

7.4

9.4

7.7

9.8 10.0

2014 2016 2018 2020 2022

$ trillion % of global exports

Sources: ADB. 2023 Trade Finance Gaps, Growth, and Jobs Survey—Banks; and World Trade Organization. WTO Data. https://data.wto.org/

(accessed 19July 2023).

(vii) policy implications for stakeholders and issues connected to

the trade finance gap.

THE TRADE FINANCE GAP

The global trade finance gap is estimated at $2.5 trillion in 2022,

marking an increase of 47% ($0.8 trillion) from $1.7 trillion in 2020

(Figure 1). This increase incorporates the widening of the gap

resulting from the COVID-19 crisis and the related increase in rates

of rejection of trade financing requests. Ongoing systemic issues

linked to macroeconomic factors, geopolitical tensions, and the

Russian invasion of Ukraine also complicate matters.

REJECTED TRADE FINANCE

Approximately 20% of banks surveyed stated that some trade

finance applications, meaning requests from companies for financial

support to back their import or export activities, were rejected.

Reasons for rejection included factors such as perceptions of high

country risk, lack of collateral, poorly presented documentation, and

issues related to know-your-customer (KYC) compliance (Figure 2).

2 International Monetary Fund. Direction of Trade Statistics. https://data.imf.org (accessed 29 August 2023); and World Trade Organization. 2023. World Trade

Statistical Review 2023. Geneva. https://www.wto.org/english/res_e/publications_e/wtsr_2023_e.htm.

3 Findings and recommendations in the 2023 survey are based on responses from 137 banks across 54 countries and 185 firms from 43 countries. The survey

responses reflect over 60% of the global market for bank-intermediated trade financing. The survey responses were collected online from May 2023 to July 2023.

4 The successful completion of the 2023 survey would not have been possible without the support, advice, and cooperation of our partner organizations.

These partners include the International Chamber of Commerce (ICC), the African Export-Import Bank, Bankers Association for Finance and Trade (BAFT), the

Centre for the Promotion of Imports from developing countries (CBI), the International Trade Centre (ITC), Pacific Trade Invest (PTI) Australia, and the Central

Asia Regional Economic Cooperation (CAREC) Program. Moreover, we are grateful to the numerous banks and companies that took the time to participate in our

surveys. This brief also benefited from insightful comments from Cyn-Young Park (Director, Regional Cooperation and Integration, and Trade, Climate Change and

Sustainable Development Department, ADB) and Marc Auboin (Counsellor in the Economic Research and Statistics Division of the World Trade Organization).

2023 Trade Finance Gaps, Growth, and Jobs Survey

Figure 2: Reasons for Rejecting Trade Finance Applications in 2022

(% of bank responses)

30%

18%

11%

10%

Other reasons

Application was received after the Russian

invasion of Ukraine

Application was from a country perceived to be risky,

and the bank did not have sufficient risk appetite

Application was from an SME with no collateral/

high credit risk/other reason

Application lacked sufficient collateral

Application was poorly presented

and had insufficient information

Application was not profitable enough to process

Application raised serious

know-your-customer concerns

Application was not profitable to process

due to regulatory capital constraints

ESG reporting quality was below regulatory standards

Failed to adequately validate ESG or sustainability

behaviors of suppliers or commercial partners

ESG = environmental, social, and governance; SME = small and medium-sized enterprise.

Source: ADB. 2023 Trade Finance Gaps, Growth, and Jobs Survey—Banks.

Figure 3: Trade Finance Application and Rejection

by Major Client Segment in 2022

(%)

21%

41% 38%

24%

31%

45%

Multinational Large corporations

and mid-cap

Small and

medium-sized

enterprises

Applied Rejected

Source: ADB. 2023 Trade Finance Gaps, Growth, and Jobs Survey—Banks.

The rejected applications disproportionately affected SMEs

compared to larger firms. In 2022, while 38% of the applications

received by banks were from SMEs, a larger share of rejections

(45%) was attributed to these SMEs (Figure 3).

From the perspective of firms responding to the survey, financial

conditions were exacerbated by soaring inflation and surging

energy prices, which raised SMEs’ operational costs and eroded

already insufficient liquidity levels.

SMEs expressed concern about a combination of factors that

continue to make their survival and success challenging. These

include (i) the lack of collateral which continues to be demanded by

lenders applying traditional credit and risk measures to SME clients,

(ii) SMEs’ lack of transaction history or long-term relationships with

bankers, (iii) insufficient credit or performance history, and

(iv) unfavorable market conditions. These factors taken together

were identified by 73% of company respondents as the reasons their

applications for trade financing was rejected (Figure 4).

The perceptions of companies about the reasons for declined

financing applications only partially align with what banks report as

underlying reasons for refusal. There may be an opportunity here to

focus the attention of companies, including SMEs, on internal issues

under their control to help achieve better approval rates. These

include financial literacy, the ability to present bankable financing

proposals, and the opportunity for companies to proactively assist

banks with barriers such as due diligence, anti-money laundering or

KYC requirements, and other persistent challenges to the provision

of trade financing. This finding merits further analysis and may

benefit from targeted action to better understand how SMEs can

take steps to enhance approval rates for trade finance.

Alongside changes in trade policy, including protectionism and

nontariff barriers, the conditions highlighted will likely make business

more challenging during the rest of 2023 and 2024 (Figure 5).

研报加载中……请稍候！
如果长时间未打开，您也可以点击刷新试试。

下载研报到电脑，查找使用更方便

立即下载

摘要：

ADBBRIEFSNO.256SEPTEMBER2023ISBN978-92-9270-311-0(print)ISBN978-92-9270-312-7(electronic)ISSN2071-7202(print)ISSN2218-2675(electronic)PublicationStockNo.BRF230334-2DOI:http://dx.doi.org/10.22617/BRF230334-22023TradeFinanceGaps,Growth,andJobsSurveyKEYPOINTS•Theglobaltradefinancegapreachedanestimated$...

展开>> 收起<<

ADB：2023年贸易融资缺口、增长和就业调查报告（英文）.pdf

共13页,预览4页

还剩页未读，继续阅读