The Letter Of Credit Confirmation Global Market Report 2023, provides comprehensive information on the letter of credit confirmation market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global letter of credit confirmation market size is expected to grow from $4.02 billion in 2022 to $4.22 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global letter of credit confirmation market size is expected to reach $5.01 billion in 2027 at a CAGR of 4.4%.
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Product innovations are a key trend gaining popularity in the letter of credit confirmation market. Major companies operating in the letter of credit confirmation market are focused on developing a new instrument to strengthen their position. For instance, in December 2020, International Islamic Trade Finance Corporation, a Saudi-based developer of Islamic cooperation trade, launched the letter of credit confirmation instrument “LC Confirmation”. It is uniquely designed for allowing exporters to gain assurance from a multilateral financial institution to secure payment. It helps protect the exporter against bank and country risks. It is expected to manage the risks associated with trading, which helps facilitate trade and ensure the steady supply of goods and services.
The letter of credit confirmation market is segmented:
1) By L/C Type: Sight L/Cs, Usance L/Cs
2) By End User: Small Enterprises, Medium-Sized Enterprises, Large Enterprises
Asia-Pacific was the largest region in the letter of credit confirmation market in 2022.
The table of contents in TBRC’s letter of credit confirmation market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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