Publications

Smaller food retailer and wholesalers margins remain under pressure and are expected to lose further market share, while customer behaviour is changing.

The current trend of merger and acquisition towards a subsequent consolidation in the US food market is expected to accelerate in the coming years.

Exports are of major importance for the French food sector (especially for the beverages segment), positively contributing to the French trade balance.

Sector risks have increased after the Brexit decision, and exporters to the UK have already suffered shrinking margins due to currency volatility.

Business failures in the Polish food retail segment have increased in 2016, as mainly smaller players suffer from fierce competition and low margins.

Large food businesses are active globally and performing well, while smaller producers and wholesalers generally face tough competition and low margins.

Gearing of food businesses is generally high, and can be a significant risk for companies with weak profitability and focus on the domestic market.

The outlook for food exports remains positive, with further demand growth from overseas expected, due to the strong reputation of “Made in Italy”.

The economic downturn of two main export markets - Brazil and Angola - has led to reduced exports and, to some extent, investment levels in the sector.

While the industry is still fragmented, consolidation is on-going and companies should gain size and become more competitive domestically and abroad.

Economic growth is expected to pick up in 2017, but uncertainty about the new US administration (potential protectionist trade policies) casts a shadow.

The consequences of any US shift on its Mexico policy remain to be seen, but increased currency volatility has already an negative impact on the economy.

Steady, but uneven growth is expected to persist. Domestic demand is the main driver of expansion, but manufacturing and export performance remain subdued.

Pressures on international trade are mounting around the globe and the outlook is increasingly uncertain.

La maggior parte delle imprese del settore devono essere finanziariamente abbastanza forti per far fronte a una certa volatilità della domanda o dei prezzi delle materie prime.

I principali punti di forza dell'industria automobilistica slovacca sono la sua vicinanza ai mercati core di esportazione in Europa, basso costo del lavoro, e il sostegno del governo.

Negli ultiimi due anni i margini dei fornitori si sono ridotti a causa del costo elevato delle materie prime e del costo del lavoro, oltre alla competizione crescente ed alla pressione sui prezzi.

Man mano che le vendite si riporteranno ai livelli pre-recessione, i costruttori dovranno essere in grado di adattarsi a un mercato più stabile rispetto alla precedente fase di crescita.

Il settore automobilistico messicano è atteso in crescita anche per i prossimi anni, con la produzione che dovrebbe aumentare a 5,2 milioni di veicoli nel 2020.

In questo settore le esperienze di pagamento sono state soddisfacenti nel corso degli ultimi due anni. I mancati pagamenti non dovrebbero crescere nei prossimi mesi.

Le prospettive a breve termine sono positive, ma la decisione sulla Brexit avrà un impatto sulle vendite di auto sul mercato interno e le esportazioni di automobili inglesi nel medio termine.

i rischi legati al tasso di cambio, la concorrenza agguerrita, il carico fiscale e la scarsa capitalizzazione di molte imprese continuano a rappresentare dei fattori di rischio.

Automotive suppliers´ margins remain structurally under pressure, as the powerful car manufacturers demand greater productivity, coupled with lower prices.

Suppliers´ margins have decreased for the last couple of years, due to higher material and labour costs, rising competition and pressure on sales prices.

The Spanish automotive industry continues to benefit from the on-going economic rebound of the domestic economy as well as from increasing car exports.

The short-term outlook remains benign, but the Brexit decision will surely have an impact on domestic car sales and British car exports in the mid-term.

While market conditions for the sector are expected to remain favourable for the time being, some downside risks could materialise in the course of 2017.

In this sector payment experience has been satisfying over the past two years, and non-payments are not expected to increase in the coming months.

As car sales approach the pre-recession peak, the sector needs to adjust from what has been a growth environment to a more steady-state market situation.

The Mexican automotive sector is expected to continue growing in the coming years, with production forecast to increase to 5.2 million vehicles in 2020.

Major strengths of the Slovakian automotive industry are its close proximity to core export markets in Europe, low labour costs, and government support.

Most businesses in the automotive sector should be financially resilient enough to cope with some minor volatility in demand or commodity prices.

Foreign exchange risks, fierce competition, high taxes and the fact that many businesses are undercapitalised pose downside risks for the industry.

Nearly 90% of the survey respondents in Asia Pacific reported having experienced late payment of invoices from their B2B customers over the past year.

Nearly 24% of Australian suppliers surveyed consider maintaining adequate cash flow levels to be the greatest challenge to business profitability in 2016.

Suppliers surveyed in China (38.2%) appear to be the most likely of all their peers in Asia Pacific to sell on cash terms to their B2B customers.

The highest percentage of the suppliers interviewed in Hong Kong (42%) reported that domestic B2B customers pay invoices late due to liquidity issues.

As a consequence of late payment by B2B customers, 45% of suppliers surveyed in India reported they had to take specific measures to correct cash flow.

Cost containment and cash flow position considered greatest challenges to business profitability by 18% of Indonesian suppliers (20% in Asia Pacific).

Most of the suppliers surveyed in Japan (33%) reported that foreign late payment is most often a consequence of the complexity of the payment procedure.

Despite no variation in either domestic or foreign late payment rates, the average 46 days DSO recorded in Singapore is six days longer than last year.

91% of respondents in Taiwan (88% at regional level) reported late payment of invoices by domestic and foreign B2B customers over the past year.

China is a major economic and trading power. Trade successfully with China sets out ten simple-to-follow rules that can help make your trading relationships with China lasting and successful.

On 15 November 2016, Atradius Credit Insurance hosted a webinar that looked at the opportunities available for trade with China and how to safely transact your business.

Overcapacity remains the main challenge, as the rebalancing of the economy from investment and export-driven growth towards private consumption continues.

The German steel and metals sector remains resilient with a competitive edge. However, major structural challenges and downside risks have increased.

Benefits from domestic steel demand growth will be offset by limits to raise sales prices due to the global steel overcapacity and cheap imports.

The Italian steel distributor segment has a large number of relatively small companies, which are still affected by weak demand and pressure on margins.

Fierce competition, high energy costs and increased uncertainty due to the Brexit decision continue to weigh on the financial strength of many businesses.

Banks are less willing to provide loans to the steel sector, given the high default rate and the recent debt impairment from one big steel manufacturers.