|
Thursday, 24 May 2018, 14:55 HKT/SGT | |
| | | | Source: Atradius | |
|
|
|
Suppliers focusing on domestic trade, however, expect positive effects on their turnover in the coming months |
HONG KONG, May 24, 2018 - (Media OutReach) - Global GDP growth is forecast to accelerate to 3.2% in 2018, the strongest annual expansion since 2011. However, the chances of it improving for a longer period appear to be lower than expected. This is largely due to the increase in US protectionist measures and their potential for triggering a trade war with Asian countries at the centre. This in return raises fears of Asia Pacific exporters that turnovers will decline. Suppliers focusing on domestic trade, on the contrary, consider the introduction of international trade barriers to be an opportunity for growth.
45% of the exporters surveyed by Atradius in the region expect their turnover to decline 10% to 20% due to uncertainty over and changes in trade agreements. These are results that emerge from the latest 2018 edition of the Atradius Payment Practices Barometer for Asia Pacific. According to the survey, 52% of the suppliers surveyed in China are pessimistic about potential export turnover losses due to the introduction of trade barriers such as tariffs or targeted restrictions. The opinions of Chinese suppliers are shared by respondents in Indonesia (65%), Taiwan (48%) and Hong Kong (47%). All economies with deeply intertwined trade relationships with China. Despite concerns over the impact of protectionist trends on the Asia Pacific trade outlook, countries in the region are striving to reinforce trade ties with the rest of the world, increasingly turning to Australia for economic and trade cooperation. This may explain why 54% of the Australian suppliers surveyed do not expect a negative impact on their businesses' turnover in the coming months. Japanese respondents (51%) share the same optimistic view.
Eric den Boogert, Managing Director of Atradius Asia comments: "Many Asian companies are now benefitting from further liberalisation of international trade as new trade agreements are agreed, or existing ones enhanced. With the growing opportunities, providing our customers with the confidence they need to expand with the right business partners is a priority for us."
The report further addresses details on payment duration; payment periods increased from 55 days in 2017 to 57 days in 2018. Except for China and Singapore, all APAC countries have experienced an increase in payment duration over the past year. While 2018 brought small changes in the average proportion of uncollectable B2B receivables, some things remain the same - the main reason for writing off B2B receivables as uncollectable is the customer going bankrupt or out of business. The 2018 edition of the Atradius Payment Practices Barometer for Asia Pacific can be downloaded from the Atradius website at www.atradius.sg or www.atradius.com.hk (Publications section). It further provides in depth analysis of eight key markets in Asia Pacific.
About Atradius Atradius is a global provider of credit insurance, surety and collection services, with a strategic presence in over 50 countries. The credit insurance, bond and collection products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of Grupo Catalana Occidente (GCO.MC), one of the largest insurers in Spain and one of the largest credit insurers in the world. You can find more information online at https://group.atradius.com
Connect with Atradius on Social Media https://twitter.com/atradius https://www.youtube.com/user/atradiusgroup https://www.linkedin.com/company-beta/5818/
For further information: Atradius Asia Marketing & Corporate Communications Katharina Reimer Tel.: +852 3657 0702 E-mail: Katharina.reimer@atradius.com http://www.atradius.com
Topic: Press release summary
Source: Atradius
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
Latest Press Releases
Avance Clinical Showcases Clinical Excellence at World Orphan Drug Conference in Boston, April 23-25
Apr 20, 2024 01:00 HKT/SGT
|
|
|
Brawijaya University researcher develops honey-processing tech
Apr 19, 2024 23:00 HKT/SGT
|
|
|
UK's Largest EV Show Returns for 4th Edition Driving Innovation with Policy Leaders, Product Launches, and EV Innovations
Apr 19, 2024 20:03 HKT/SGT
|
|
|
GLOBE LIFE (GL): Kaplan Fox & Kilsheimer LLP Investigates GLOBE LIFE and Encourages Investors to Contact the Firm
Apr 19, 2024 20:00 HKT/SGT
|
|
|
SMC Announces Marketing Agreement with Plato Technologies. Inc.
Apr 19, 2024 16:03 HKT/SGT
|
|
|
First-ever Mazda CX-80 Crossover SUV Unveiled in Europe
Friday, April 19, 2024 12:50:00 PM
|
|
|
Prestigious titles for top developers at the 14th PropertyGuru Asia Property Awards (Singapore)
Apr 19, 2024 11:30 HKT/SGT
|
|
|
Revolutionizing Tomorrow: Uniting Visionaries at the 2024 Digital Transformation Summit Philippines
Apr 19, 2024 11:23 HKT/SGT
|
|
|
22nd Edition of Cyber Security Summit: Thailand to Convene Esteemed Panel of Industry Leaders
Apr 19, 2024 10:11 HKT/SGT
|
|
|
The Rapidly Evolving Real Estate Landscape: Redefine Real Estate Summit Connects Key Players in South East Asia
Apr 19, 2024 10:11 HKT/SGT
|
|
|
|
More Press release >> |
|
|
|
|
|
|
|
|