“Optimism about the economic recovery after the pandemic was shattered by Russia’s invasion of Ukraine. Consumers are showing unprecedented pessimism about the economy. The confidence of producers is also systematically shaken. Companies are really starting to feel the consequences of the war, which never ends. Thus, 56% of the exporters we spoke to are deeply concerned about the persistence of high energy prices. Rising commodity prices and increased financing costs, along with prolonged disruptions in the supply chain will result in higher export costs over the coming months,” says Johan Geeroms, Director Risk Underwriting Benelux at Allianz Trade.
Three thousand exporters in the United States, China, United Kingdom, France, Italy and Germany were surveyed in the 2022 Allianz Trade Global Survey. Two surveys were actually conducted, the one before the invasion of Ukraine and the other after.
Three trends stand out:
- More and more companies are preparing for the worst in terms of their turnover this year
- Companies fear a structural drop in demand as the conflict drags on
- Fear of defaults of payment
Assume own responsibilities
Increase in bankruptcies
Additional need of working capital
Impact of rising costs
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