The Letter Of Credit Confirmation Global Market Report 2023 by The Business Research Company, provides letter of credit confirmation market overview 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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According to The Business Research Company’s Letter Of Credit Confirmation Global Market Report 2023, 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%.
An increase in global trade activities is expected to propel the letter of credit confirmation market going forward. Trade activities refer to the selling and buying of items, goods, and services between two firms, countries, or groups of people with the sole purpose of making a profit. It involves the transfer of goods and services from one organization to another. A letter of credit that is confirmed is a trade finance tool often used in trade activities to protect exporters and importers by providing a guarantee of payment, so an increase in trade activities increases the demand for the letter of credit confirmation.
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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
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 report table of contents includes:
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