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|Atradius analyses Asia Pacific trading risks in country report|
|Monday, 03 April 2017|
Trade credit insurer Atradius has published a country report, analysing the risks of trading in the Asia Pacific region.
The report is designed to equip UK businesses with information and advice for exporting to Asia Pacific markets – whether trading with established partners or doing business overseas for the first time.
“The Asia Pacific region offers a wealth of opportunities for UK businesses”, said Richard Reynolds, Head of Regional Sales for Atradius. “Alongside the major, established markets such as China, the emerging economies, for example, Indonesia and Vietnam offer real trading opportunities for exporters. These economies are becoming increasingly independent and sophisticated; mini-powerhouses in their own right.”
China – Insolvencies are expected to rise further in 2017 with an increase in overdue invoices and businesses requesting longer payment terms.
Indonesia – Until recently, there has been a slow implementation of announced reforms (improving infrastructure, increasing foreign investment and combatting corruption). However, support in the legislature has increased.
India – The market with the most promising economic outlook in Asia. The economy is expected to maintain high growth rates in coming years but there is a question over India’s long-term growth potential due to a decrease in private sector investments.
Singapore - The long-term growth strategy is progress beyond being a trade, transport and financial hub and to become a centre of high-tech industry. This strategy is starting to bear fruit in the bio-medical sector. Richard Reynolds added: “These markets are open for business and opportunity is within reach, especially with the right support behind you. But local knowledge is crucial – both in terms of knowing your market and the individual customer. Poor appreciation of local customs, taxation, investment regulations and the restrictions on foreign investment or participation within certain sectors can create costly mistakes. Do your research; stringently vet potential trade partners and perform your due diligence. Information is the bedrock of sound trade.
“With the right mind-set, preparation and protection, UK businesses are poised to take advantage of the wealth of opportunity that international trade offers.”
As a leading trade credit insurer, Atradius protects businesses from the risk of trading both domestically and overseas; whether with existing customers or new trade partners. In addition to paying out claims in the event of non-payment, Atradius has business intelligence on 200 million companies worldwide and advises businesses on the risks of trading with individual customers as well as wider markets and economies.
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