EFIC index shows Australia seeking export opps

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10 June 2010

EFIC’s third annual Global Readiness Index (GRI) shows Australian companies continue to seek out expansion opportunities across the world.

Export Finance and Insurance Corporation (EFIC), the Australian Government’s export credit agency, has released its third annual Global Readiness index (GRi), which shows that Australian companies are continuing to seek expansion opportunities across the globe.

In March 2010, 936 Australian companies participated in the GRi survey, which examined key aspects of their experience of going global, including the drivers, destinations and obstacles and sources and availability of funds.

EFIC, like other ECAs, has seen a significant increase in demand for export finance and insurance solutions from Australian SMEs in the past...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%