The ICC has released its 2015 Rethinking Trade & Finance survey report. Amongst the numerous articles, facts and figures etc. readers may find the SWIFT trade messaging trends that appear on pages 52-64 to be of particular interest. Some of the highlights are:
Numbers of MT700 issued in 2014 fell 2.5% when compared to 2013.
Volume of MT103 messages that can be linked to open account payments rose 4.9% when compared to 2013.
The average value of a letter of credit in 2014 was USD643,000 a USD10,000 reduction on the 2013 figure.
Asia-Pacific region, unsurprisingly, accounts for the vast majority of letters of credit sent and received in 2014.
Of the MT700's issued in 2014, only 8% contained an instruction to confirm and only 3% contained a ‘may add' authorisation.
Of the MT700's issued in 2014, 72.3% were available by negotiation, with 12.6% available by payment.
40% of MT700's issued in 2014 were available with a usance period of between 31 and 60 days, with 31% available with a usance period of between 61 and 90 days.
The full report can be downloaded from the following link: