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BHP Billiton and Cargill have shifted an entire bulk trade and payment transaction into a first time four-corner bank payment obligation with ANZ, Westpac, and an essDocs electronic bill of lading.
Bolero and essDOCS inked their first deals on India trade and bank payment obligations (BPO), breaking new ground for the normalisation of electronic trade documents.
The Qingdao Port investigation will drag into mid-way next year, according to a China trade services expert, treasurers can expect pre-shipment finance to be “virtually impossible”.
BHP Billiton and Xiangguang Copper have transacted a first of a kind back-to-back electronic letter of credit over Bolero, shaving 20 days off a typical transaction.
Cargill is increasing it use of electronic bills of lading [E B/Ls] to include agricultural shipments from South America. It also has designs for usage in Asia.
Global trade flow volumes have declined in 2012, dwindling to $37.7 billion and registering 217 deals in the year. This is down from $40.5 billion and 593 deals recorded in 2011.
Indicator of confidence in trade finance is modestly up in Asia, according to a recent study commissioned by HSBC, but it’s debatable how useful the index is.