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In a dynamic global landscape, the role of UK Export Finance (UKEF) and other export credit agencies (ECAs) has never been more important. Access to finance is critical for exporters as it enables them to invest in production, expand operations, manage cash flow and mitigate trade risks. However, businesses face challenges in securing export finance and trade credit insurance as geopolitical and trade megatrends lead to increased political, market and credit risks. Drawing on qualitative data from 35 semi-structured interviews and expert discussions and based on the Futures Triangle analytical framework, this white paper analyses the geopolitical and trade megatrends that UKEF and other ECAs will face in the coming years. It presents novel findings about the implications for ECA mandates, strategies, products and operations: The evolution of mandates towards a “growth promoter”, the need to further scale up operations, the use of big data and artificial intelligence for risk analysis and forecasting, and the need to balance multiple and conflicting priorities, including export growth, support for small and medium-sized exporters, inclusive trade, climate action, and positive impact in developing markets.
This report examines exporters’ challenges and possible solutions for public intervention to promote foreign trade. Based on fieldwork conducted in Georgia, we explore which policy approaches can help to stimulate Georgian exports further. Our outcomes show that exporters face substantial barriers such as navigating complex trade regulations, lack of knowledge about target markets, trade finance gaps, as well as new export promotion programs (EPPs) in competitor countries. Other upper-middle-income countries can learn from our results that exporters can significantly benefit from a comprehensive export promotion strategy combined with an ecosystem-based “team” approach. EPPs related to awareness and capacity building in Georgia should be part of this strategy, focusing on challenges such as a lack of knowledge about trade practices and international business skills. Other EPPs must help to mitigate related market failures, as information gathering is costly, and firms have no incentive to share this information with competitors. Furthermore, targeted marketing support and customer matchmaking can answer Georgian exporters’ challenges, such as lack of market access and low sector visibility. Our results also show that public intervention through financial support and risk mitigation is essential for firms with an international orientation. The high-quality, rich outcomes provide significant value for other upper-middle-income countries by exploring the example of Georgia’s contemporary circumstances in an in-depth manner based on extensive interviews and document analysis. Limitations include that our work primarily relies on qualitative data and further research could involve a quantitative study with a diverse range of sectors.
In an extensive research project, we have assessed the application of different service models by export credit agencies (ECAs) and export-import banks (EXIMs). We conducted interviews with 35 representatives of ECAs and EXIMs from 27 countries. The question guiding this study is: How do ECAs and EXIMs adopt public service models for supporting exporters? We conducted a holistic multiple case study, investigating if and how these organisations apply public service models developed by Schedler and Guenduez, and which roles of the state are relevant. We find that there is a variety of different service models used by ECAs and EXIMs, and that the service model approaches have great potential to learn from each other and innovate existing services.
Staatliche Exportkreditagenturen und Export-Import-Banken finanzieren, versichern und garantieren jährlich fast 1 Bio. US-Dollar – mehr als 3 % der globalen Güterexporte. Ihre Interventionen sind an internationale Rahmenbedingungen gebunden, insbesondere an das WTO-Subventionsübereinkommen (ASCM) und den OECD-Konsensus. Das komplexe Zusammenspiel beider Rechtsrahmen sorgt seit langem für Herausforderungen, vor allem hinsichtlich des Anwendungsbereichs des “safe haven” des ASCM und des “Matching”-Mechanismus der OECD. In den vergangenen Jahren hinzugekommen ist die Problematik neuer Instrumente der Exportvor- sowie der Klimafinanzierung. Der folgende Beitrag erörtert Herausforderungen und Lösungsansätze. Er zeigt auf, dass der neue OECD-Konsensus trotz zahlreicher Verbesserungen zentrale rechtliche Probleme nicht behebt.
International trade requires sufficient, reliable, and affordable sources of financing. Export credit agencies (ECAs) fill trade finance gaps by offering financing, insurance and guarantees to provide liquidity or mitigate risks. They help to create or secure jobs in the domestic economy. However, comprehensive government support is required to create significant impact. This includes ‘full faith and credit’ of the state. In the context of public foreign trade promotion, full faith and credit is defined as an explicit, direct or indirect, irrevocable, legal commitment to accept all liabilities of an ECA as unconditional obligations of the respective government. Our policy recommendations for countries with relatively young ECAs, for example in Ukraine, Armenia, and Malawi, are to establish a full guarantee in addition to an efficient legal set-up, sufficient capital, and sound risk management of the respective agency. Without full faith and credit, policy goals of fostering economic growth through foreign trade fall short.
Public export credits and trade insurance require a global framework of institutions, rules and regulations to avoid subsidies and a race to the bottom. The extensive modernisation of the Arrangement on Officially Supported Export Credits (Arrangement) of the Organisation for Economic Co-operation and Development intends to re-level the playing field. This Practitioner Commentary describes the demand for adequate government interventions, considers the need for the reform and discusses key aspects of the new Arrangement. We argue that there is a breakthrough in several important areas such as tenors, repayment terms and green finance. However, we also find that the modernisation falls short in areas such as the interplay between different rulebooks, pre-shipment instruments' regulations and climate action.
This paper aims to draw attention to an urgent need for reform of the regulatory framework of the broader export credit system to ensure a new and comprehensive "safe haven" for officially supported export credits. The purpose is to analyse the complex debate on disciplines of the World Trade Organization (WTO) and the Organisation for Economic Co-operation and Development (OECD), creating a point of reference for future analysis of and debates around the "carve-out clause" of the Agreement on Subsidies and Countervailing Measures (ASCM) and a "safe haven" in a broader sense.
Export sichert Millionen von Arbeitsplätzen in Deutschland. Auch in anderen Ländern profitieren Menschen von positiven Effekten durch internationale Aktivitäten von Unternehmen. Finanzierung und Risikoabsicherung durch staatliche Exportkreditagenturen spielen dabei eine wesentliche Rolle, wenn der Markt versagt. Dies gilt gerade in Krisenzeiten wie der Covid-19-Pandemie. Regierungen haben mit Coronahilfen für die Exportwirtschaft Außenhandel ermöglicht und dadurch zahlreiche Arbeitsplätze gesichert. Mit einer Vielzahl von Aktivitäten haben unter anderem Dänemark, Deutschland, Polen und Österreich im Jahr 2020 schnell und effizient agiert. Teilweise deutlich erhöhte Finanzmittel, neue Garantieprodukte, verbesserte Finanzierungs- und Versicherungsbedingungen sowie vereinfachte Antragsverfahren waren zentrale Maßnahmen europäischer Regierungen. Gezeigt hat sich, dass auch in der Zukunft eine übergeordnete strategische Ausrichtung, ein gemeinsamer Förderansatz sowie eine wirkungsorientierte Gestaltung von Förderinstitutionen wichtig sind.
Entwicklung und globale Diffusion von zukunftsorientierten Technologien sind zentrale Faktoren für den ökonomischen Erfolg von Volkswirtschaften. Die Digitalisierung der Unternehmen spielt inzwischen eine entscheidende Rolle für das Wirtschaftswachstum eines Landes. Wissensintensive Wirtschaftsbereiche wachsen rasant, und internationale Arbeitsteilung über globale Wertschöpfungsketten sowie ausländische Direktinvestitionen prägen den Alltag vieler Firmen.