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In recent years, the volume of international trade has increased enormously due to the effects of globalization and liberalization of trade. However, political and economic changes, changes in consumer demand, market structures, product and market life cycles, domestic and foreign competition and the degree of effects caused by these changes became...
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Citations
... One of the primary concerns for exporters or businesses looking to export but encountering obstacles revolves around how they will receive payment (Candemir et. al., 2011). Participants are generally familiar with payment methods established by the global economic system and implemented by the International Chamber of Commerce (ICC). However, uncertainties arise for entrepreneurs when it comes to practical implementation (Abor, 2005). The most preferred and safest payment option for exporters is the cash ...
The payment methods used in international trade are of significant importance for the financial flow of the involved parties. When it comes to transferring goods and funds across borders to their new owners, the risks faced by the parties may seem daunting. The use of a letter of credit payment method by banks serves a protective role, enabling the parties to engage in trade more securely. While the expenses linked to this approach are sometimes viewed as challenging for the involved parties, it is considered a significant enabler, particularly in new trade alliances. In fact, exporters' choices are classified in countries' trade statistics based on payment methods. This study aims to uncover the determinants of exports from Türkiye between January 2013 and September 2023, utilizing both cash in advance and letter of credit payment methods. To accomplish this objective, exchange rates and specific inflation indicators, and their causal relationship with export transactions based on payment types was examined using the Toda-Yamamoto causality test. The research findings indicate that exchange rates, inflation, and cash payment variables cause letter of credit payments. Conversely, only the foreign producer price index was identified as a cause for cash-based exports. These findings illustrate that economic indicators, which may pose risks for Turkish exporters, are reasons for important decisions. In light of these findings, recommendations have been made for exporters and policymakers to proceed cautiously in the face of different economic scenarios.
International trade involves the movement or exchange of commodities—goods and services—across borders giving opportunities to consumers to gain access to goods and services that are either not available in their respective economies or more expensive to access. International trade activities have grown over the years and this development may be attributed to the globalization of the world’s economy as well as trade finance schemes to finance such trade. The chapter provides an overview of the trade finance dynamic in Africa, and the various payment methods in international trade, which include open accounts, prepayment, documentary collections, letters of credit, drafts, and counter-trade. The chapter also discusses trade finance instruments, including the line of credit, pre- and post-export financing, accounts receivable financing, as well as forfaiting and factoring. The chapter examines the agencies that facilitate international trade in Africa, which include the World Trade Organization (WTO), the Africa Continental Free Trade Area (AfCFTA), the African Export-Import Bank (Afreximbank), and the ECOWAS Bank for Investment and Development (EBID) among others. The chapter offers interesting insights on the financing schemes used in driving Africa’s export trade.
