6 July 2009

Gurria Sees Improvement in Trade Financing

The following is excerpted from today's edition of “The Journal of Commerce”.

Although trade financing is becoming easier for exporters to access, many major transactions are still frozen because of financing trouble, said Angel Gurria, secretary general of the Organization for Economic Cooperation and Development on Monday.

Gurria said trade finance had gone "from being closed at the beginning of the year to now being selectively more open."

“Not all of the financing has disappeared. Every day more is reinstated,” Gurria said, adding that global trade flows would likely fall 10 percent this year, but recover somewhat in 2010 when they would rise 2 percent….