Regardless of the effect of global threat of COVID-19 pandemic on the worldwide economy, the trade transaction measurements in Asia completed 2020 ahead of 2019 levels as per told by HSBC. According to the proprietary information collected from the global trade bank, it is indicated that the number of bank guarantees, trade and receivable finance instruments availed on a monthly basis in 2020 left 2019 levels behind in September and dominated last year-levels throughout the fourth quarter.
Ajay Sharma, regional head of global trade and receivables finance, Asia Pacific, at HSBC says, “The task of anticipating what type of recovery would be there was quite difficult. At a specific time, we checked our data and it was flattering. In the data of July, we witnessed that working capital cycles were extended, past dues were big and there was a complexity in the banking system. Currently, it has returned back to normal. I do not consider any of us could have anticipated this quickened bounce back. ” He further added that in terms of transaction abstract, the fourth quarter of the past year was good in the past eight. “This simply addresses the strength of the recovery that we are experiencing.” He explained.
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