Survey: 8 in 10 Companies Confident About Exports in 2024
Allianz Trade's global survey reveals that 82% of companies anticipate an increase in export turnover for 2024, signaling optimism despite recent economic headwinds and geopolitical concerns.
A recent global survey by Allianz Trade, involving over 3,000 exporters across eight countries, indicates a strong sense of optimism regarding export performance in 2024. Despite a challenging period marked by pandemic impacts and geopolitical tensions, a significant majority, 82 percent, expect their export turnover to grow this year.
However, this optimism is tempered by awareness of ongoing risks. Non-payment risk remains a primary concern, with 40 percent of respondents predicting an increase in 2024. Concurrently, 42 percent anticipate longer payment terms for exports, which could strain corporate cash flows. These factors align with forecasts for a global rise in business insolvencies by 9% this year.
Geopolitical concerns are also influencing supply chain strategies. Over half of the surveyed companies (53%) are considering relocating parts of their supply chains due to heightened geopolitical risks. Mitigation efforts include improving supply chain risk management, increasing ESG due diligence on suppliers, and securing supply chain insurance.
Despite the positive outlook from businesses, Allianz Trade's own forecasts are more conservative. The company projects global trade to grow by 2.8% in value for 2024, following a contraction in 2023. This figure remains below the long-term average, reflecting potential disruptions in global shipping and rising protectionism.