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Your Monday morning coffee briefing from TFG. The OECD upgraded its forecasts for global growth this year, mainly due to the sizeable $1.9t stimulus in the US. UK exports to the EU fell by a record 40.7% in January following the end of the post-Brexit transition period.
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Barometer points to services trade rebound in short run, long term outlook less clear
After falling sharply during the global pandemic, world services trade appears to be in a recovery phase, according to the WTO’s Services Trade Barometer, which has recently risen firmly above trend. However, continued weakness in some sectors and an uneven distribution of COVID-19 vaccines cast some doubt on the durability of the recovery. Read more →
The strongest recession since WWII. What does 2021 have in stock for global trade?
The first half of 2021 should be similar to the year 2020, marked by the strongest global recession since the end of the Second World War. In the end, despite this deep recession, the number of business insolvencies fell in most countries in 2020 and in all regions: -22% in the eurozone, -19% in Asia Pacific and -3% in North America. Read more →
Advancing intra-OIC trade in the new normal
Since the onset of COVID-19, the ITFC has introduced new programs and tools to protect and enable critical exports and imports between OIC member countries. These initiatives are geared towards protecting and growing value chains across key industries, particularly agri, energy, pharma, construction, electrical materials and equipment. Read more →
Launching ICC TRADECOMM: Finastra and ICC team up to tackle the trade finance gap
The ICC and Finastra have launched ICC TRADECOMM, a marketplace committed to tackle the growing trade finance gap. Both organizations are orchestrating an ecosystem and exploring the development of a financing marketplace that will provide micro, small, and SMEs with access to a broader set of alternative finance resources in order to help keep the global economy moving forward. Read more →
EU trade slump a threat to SME exporters
Industry groups have warned that hundreds of small and medium exporters could be put out of business as delays and confusion at UK ports drags on. Although the UK Government has delayed the implementation of controls on imports, the EU has not, forcing many British firms to find a customs agent and a vet to certify that animal products are safe to enter the EU. Read more →
UK economy suffered 2.9% hit in January
The UK economy contracted by a less-than-expected 2.9% in January and is likely to shrink 4% in the first quarter of 2021 due to lockdown disruptions. The services sector saw the greatest contraction while manufacturing output was less affected and construction output rose.Read more →
SWIFT KYC Registry to use ICC Sustainable Trade Finance Guidelines to standardise ESG due diligence process
SWIFT announced that its KYC Registry will become the first global utility to integrate the International Chamber of Commerce’s (ICC) Sustainable Trade Finance Guidelines, making it easier for financial institutions to identify environmental, social and governance (ESG) risks in their supply chains. Read more →
