The manufacturing industry is vital to the global economy, involving complex operations that require significant financial resources and risk management. Bank instruments such as Bank Guarantees (BG), Standby Letters of Credit (SBLC), and Letters of Credit (LC) are essential tools that provide the financial security and stability needed to support manufacturing activities. Mint Trade Funding offers comprehensive bank instrument services tailored to help manufacturing businesses grow and thrive.
Market Turnover in the Manufacturing Industry Using Bank Instruments
The use of bank instruments in the manufacturing industry has seen substantial growth over the past few years, reflecting their critical role in supporting business operations and growth. Here are some key statistics:
2019: $1.2 trillion in global manufacturing transactions utilized bank instruments.
2020: The volume increased to $1.35 trillion, a 12.5% growth from the previous year.
2021: The usage surged to $1.6 trillion, marking an 18.5% increase.
2022: The volume reached $1.85 trillion, showing a continued upward trend with a 15.6% growth.
2023: Preliminary estimates suggest that the usage of bank instruments in the manufacturing industry will exceed $2.1 trillion, indicating robust demand and reliance on these financial tools.
