(19 October 2022 – France) The International Chamber of Commerce (ICC), along with their partners Global Credit Data (GCD) and Boston Consulting Group (BCG) confirmed that credit risk in trade, supply chain and export finance have fallen back to pre-pandemic levels for 24 trade and export finance banks, representative of nine percent of global trade.
Default rates across all trade finance asset classes dropped in 2021 compared to the previous year, defying the turmoil of the pandemic, according to the ICC 2022 Trade Register report,
The recovery in global trade, along with consistent growth over the last three decades, has been clearly supported by trade finance products that offer liquidity and risk mitigation solutions for importers and exporters, allowing them to transact with confidence across borders.
“These findings reinforce the findings of previous iterations of the Trade Register: trade finance products continue to be resilient and represent banks with low levels of credit risk, even during times of macroeconomic uncertainty. It is important for banks, investors, and regulators to recognise this and show continued support for this valuable asset class” said ICC Secretary General John W.H. Denton AO.