"Volumes in 2011 were up or largely unchanged in most traditional trade products, the overall value of trade finance transactions was also up and the percentage of trade credit lines that were cut for corporate and financial institution customers continued to fall", said the report.
Around half of financial institutions (51%) reported an increase in export Letters of Credit volume and 56% an increase in import Letter of Credit. Guarantees were also up (39% on the export side and 47% on the import side).
For banks, fees remain an issue. Around 65% of respondents indicated that their fees for issuance of bank undertakings had not changed in 2011, said the survey.
The volume of trade finance transactions continued to increase in 2011, suggesting a slow but steady recovery in world trade, according to the 2012 ICC Global Survey on Trade Finance. The report, which can be downloaded here, polled 229 banks in 110 countries, a greater response than in any previous year, and found that, while world events such as the Arab Spring and Japan's earthquake had impacted on trade volumes, the trend was still upwards.
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