EXPORTS: Focus On Europe Only, At Your Peril
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The Eurozone itself and countries within the Eurozone, given the daily litany of difficulties, have received most of the international media’s attention almost to the exclusion of other countries around the world. Undoubtedly the current financial crisis in Europe has and will continue to cause palpitations and great anxiety amongst governments, finance ministers, bankers and, with good reason, exporters around the globe.
"Be warned though that payment defaults from a number of other countries have recently spiked upward,” cautions Theo Reddi, General Manager Exports at Credit Guarantee Insurance Corporation.
"One of our leading indicators is the number and value of notifications from insured exporters, which from December 2011 and January 2012 included buyers in Australia, Oman and Dubai,” continues Reddi. “Also, whilst the world looks to Africa for growth opportunities, the perils that lurk under the surface cannot be ignored. In this respect default notifications received in the last two months came out of Uganda , Mali , Swaziland, Malawi, Congo (Brazzaville), Botswana and Senegal.” The notifications received of pending or potential losses arising from debtor defaults in Malawi totalled R2,4m; Mali R4,4m; Uganda R5,6m and Australia of R6,8m. Oman, Dubai, Spain and Botswana contributed amounts less than R1.0m.
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