GUIDING
INTERNATIONAL
BANKING PRACTICE
DRIVING
CHANGE IN
TRADE FINANCE
ICC
BANKING
COMMISSION
2016
RETHINKING
TRADE & FINANCE
AN ICC PRIVATE SECTOR
DEVELOPMENT PERSPECTIVE
World economic outlook
Global and regional trends in trade fnance
A call for action in trade fnancing to SMEs
Analysis of global trade fnance gaps
Business trends in export fnance
and export insurance
Business trends in forfaiting and factoring
Highlight: trade and trade fnancing in Africa
Latest developments in sustainability and
digitisation of trade and trade fnance
PARTNERSWe are very pleased to release the 2016 edition of
the ICC Global Survey on Trade Finance. This annual
publication, an initiative of the International Chamber of
Commerce (ICC) Banking Commission has rightly gained
its reputation as the most comprehensive report analysing
the developments in trade and fnancing trade. Leading
international institutions and foremost experts in banking
collaborated in its completion.
The ICC Global Survey on Trade Finance
uncovers patterns in business and trade,
helping ICC Banking Commission members
and various industry players make sense of
these changes and their implications. An
accurate snapshot of market trends, the survey
enables bankers, traders and government
offcials to gauge global trade expectations.
We would like to thank all 357 respondents
located in 109 countries for their timely,
accurate and insightful answers to the survey,
thus enabling us to generate the fndings of
the market intelligence product at hand. We
would like to express our gratitude to all our
ICC Banking Commission members and to
ICC’s network of 90 national committees for
their valuable involvement in the continuing
effectiveness of our shared efforts.
The present report depended on the support
of various experts from organizations
outside ICC. We would like to thank our
contributing partners and experts for this
edition: Vincent O’Brien and Alexander R.
Malaket of the ICC Banking Commission,
Yaw Kuffour, Lamin Drammeh, Mouhamadou
Sy and Eugene Bempong-Nyantakyi of the
African Development Bank (AfDB); Steven
Beck, Alisa Di Caprio, Fahad Khan and Mara
Claire Tayag of the Asian Development Bank
(ADB); Kai Preugschat of the Berne Union;
Andrew Voysey, Thomas Verhagen and
Tamara Slater of the University of Cambridge
Institute for Sustainability Leadership (CISL)
which convenes the Banking Environment
Initiative (BEI); Rudolf Putz of the European
Bank for Reconstruction and Development
(EBRD); Rebecca Harding, Thanos Papasavvas
and Nayani Bandara of Equant Analytics;
Alexander Goulandris of essDOCS; Robert
Besseling of EXX Africa; Peter Mulroy of
Factors Chain International (FCI); Gema
Sacristan and Alba Quilez Llopis of the
Inter-American Investment Corporation
(IIC); Shehzad Sharjeel and Michael Kurdyla
of the International Finance Corporation
(IFC); Nasser Mohammed Al-Thekair of
the International Islamic Trade Finance
Corporation (ITFC); Varapat Chensavasdijai of
the International Monetary Fund (IMF); Marion
Jansen and Olga Solleder of the International
Trade Centre (ITC); Sean Edwards of the
International Trade and Forfaiting Association
(ITFA); Nadine Louis and MernJie Tan of the
Society for Worldwide Interbank Financial
Telecommunication (SWIFT); Hesham Zakai of
Trade & Export Finance (TXF); José Guilherme
Reis and Miles McKenna of the World
Bank; and Marc Auboin of the World Trade
Organization (WTO).
We would like to extend our thanks to BAFT,
British Bankers’ Association (BBA), eBSI
Export Academy, Global Trade Review (GTR)
and ICC Academy for kindly circulating the ICC
bank questionnaire to their membership and
network.
We would also like express our recognition
to Alexis Chiblis, Eduardo Gens Gonzalez,
Victoria Krapivina and Andrew Wilson for their
admirable and timely assistance.
ICC thanks its members and sponsors for their
support in the preparation of this report.
ACKNOWLEDGEMENTS
AN ICC PRIVATE SECTOR DEVELOPMENT PERSPECTIVE
Editors
David Bischof, Senior Policy Manager, ICC Banking Commission
Doina Buruiana, Project Manager, ICC Banking Commission
Editorial Committee
Vincent O’Brien, Member of the ICC Banking Commission Executive Committee
Alexander R. Malaket, President, OPUS Advisory Services, Deputy Head of the ICC Banking Commission Executive Committee
Rebecca Harding, Co-Founder and CEO, Equant Analytics
José Guilherme Reis, Trade Practice Manager, World Bank Group
Varapat Chensavasdijai, Deputy Unit Chief, International Monetary Fund
Nadine Louis, Market Manager, SWIFT
Steven Beck, Head of Trade Finance, Asian Development Bank
Alisa Di Caprio, Research Fellow, Asian Development Bank Institute
Hesham Zakai, Associate Director, Trade & Export Finance
Kai Preugschat, Secretary General, Berne Union
Sean Edwards, Chairman, International Trade and Forfaiting Association
Peter Mulroy, Secretary General, Factors Chain International
Lamin Drammeh, Chief Trade Finance Offcer, African Development Bank
Shehzad Sharjeel, Head of Global Trade Finance Program, International Finance Corporation
Robert Besseling, Founder and Executive Director, EXX Africa
Nasser Mohammed Al-Thekair, Assistant General Manager, International Islamic Trade Finance Corporation
Marion Jansen, Chief Economist, International Trade Centre
Alexander Goulandris, Co-founder and CEO, essDOCS
Andrew Voysey, Director of Finance Sector Platform, University of Cambridge Institute for Sustainability Leadership
Rudolf Putz, Deputy Director, Trade Finance Programme, European Bank for Reconstruction and Development
Gema Sacristan, Chief, Financial Markets Division, Inter-American Development Bank
Project Management
Doina Buruiana, Project Manager, ICC Banking Commission
Sponsorship Management
Sandra Sanchez Nery, Sponsorship Coordinator, International Chamber of Commerce
Design
wearezephyr
Public Relations
Moorgate
Proofreading
Bruce Kelley
Printed in October 2016Copyright2016International Chamber of Commerce
All rights reserved. ICC holds all copyright and other intellectual property rights in this collective work. No part of this work
may be reproduced, copied, distributed, transmitted, translated or adapted in any form or by any means – graphic, electronic
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or information retrieval systems – without written permission of ICC through ICC Services, Publications Department.
ICC Publication No. 878EISBN: 978-92-842-0417-5
Visit the ICC Banking Commission website:
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Key fndings
ABOUT THE INTERNATIONAL CHAMBER OF COMMERCE (ICC)
ICC is the world business organization, whose mission is to promote open trade
and investment and help business meet the challenges and opportunities of an
increasingly integrated world economy.
With interests spanning every sector of private enterprise, ICC’s global network
comprises over 6 million companies, chambers of commerce and business
associations in more than 130 countries. ICC members work through national
committees in their countries to address business concerns and convey ICC views
to their respective governments.
ICC conveys international business views and priorities through active engagement
with the United Nations, the World Trade Organization, the G20 and other
intergovernmental forums.
Close to 3,000 experts drawn from ICC member companies feed their knowledg