70% of Asian companies polled anticipate a demand surge in the coming months, while showing a strong commitment to address payment challenges arising from business-to-business (B2B) trade.
HONG KONG SAR – Media OutReach – 25 October 2023 – While there is an anticipation of global trade expanding by slightly over 2% in 2024, the pace of growth in Asia is forecasted to remain subdued and may not be as robust as it was in previous years. The key factor inhibiting growth can be attributed to an ongoing underperformance in exports, which is likely to continue in the short-term due to weaker demand from Asia”s main export markets, such as the United States and European Union, and could potentially weaken the domestic resilience shown by Asian economies this year.
One illustration of this is a 6% overall drop in Asian businesses B2B trading on credit over the past year with variations in different markets. Taiwan and Singapore saw significant drops, while China and Vietnam experienced an increase in B2B sales on credit.
However, as Asian businesses look ahead, their optimism about their growth prospects becomes clear, as evidenced by the findings of our…
