探索科法斯全面的风险仪表板，为 160 个国家和 13 个产业部门提供深入的风险评估，以做出策略决策
What we dreaded at the beginning of the summer eventually came to pass. Rather than improve, the geopolitical situation has deteriorated once again, placing increasing weight on commodity prices and financial conditions, and therefore on economic activity. Coface consequently carried out 3 country downgrades and 4 upgrades, and made 20 changes to sector assessments (12 downgrades and 8 upgrades).
Coface’s APAC Payment Survey 2026 reveals that 93% of organisations in Hong Kong reported experiencing late payments of some kind in the past 12 months (vs. 91% across APAC). The findings come against an improving economic backdrop. Hong Kong's GDP grew 5.1% in the first half of 2026, its fastest semi-annual expansion in nearly five years, prompting the government to raise its full-year forecast to 3.5-4.5% from 2.5-3.5%. However, robust growth has not, so far, translated into better payment behaviour.
The summer period saw a broad-based surge across commodity markets, with no exception. Escalating tensions in the Middle East, the return of El Niño, climate disruptions, and growing needs linked to the energy transition are driving simultaneous increases in energy, agricultural, and industrial metal prices.
Customer defaults are becoming an increasingly important challenge for Indian businesses, despite the country's continued economic expansion. According to Coface's APAC Payment Survey 2026, nearly two-thirds (64%) of Indian firms experienced at least one customer default during the past 12 months, significantly above the Asia Pacific average of 45%.
Coface publishes the 10th edition of its Corporate Payment Survey in Germany, conducted among 503 companies. While economic growth is gradually returning and German businesses are becoming more optimistic about 2027, this improvement has yet to translate into better payment behavior. 82% of companies experienced payment delays over the past twelve months, the highest level since 2019. At the same time, businesses are shortening payment terms to protect their cash flow, while long overdue payments and rising insolvencies continue to point to elevated credit risk.
通过科法斯针对 160 多个国家和 13 个产业的全球风险评估来应对不确定性。
Coface has published the 4th edition of its survey on the payment behavior of French businesses, conducted in June amongst 690 companies. The results reveal a further deterioration: 89 % of businesses have experienced late payments over the last twelve months, and the average delay now stands at 41.2 days. Micro-enterprises are the most vulnerable, both in terms of the length of the delays and their impact on cash flow.
Whilst European industry is still struggling to recover from repeated energy and geopolitical shocks, Spain stands out as an exception. Its manufacturing output has surpassed its pre-war levels in Ukraine, driven by a more balanced industrial diversification, competitive labour costs and the boom in renewable energy. This is a promising trend, but one that still faces several structural challenges, particularly in terms of productivity and electricity infrastructure.
Coface, a leading expert in trade credit insurance, debt collection and information services, has published the second edition of its survey (1) on UK companies’ payment behaviour, revealing that businesses are increasingly focused on preserving cash flow and are struggling to make ends meet. As companies extend payment terms to carefully manage cash flow pressures, many are caught in a stagnant cycle of supply chain disruption, leaving profitability finely balanced and investment confidence weakened.
Despite Taiwan’s strong AI-driven economic growth, late payments remain a widespread challenge for Taiwanese businesses. 95% of surveyed firms experienced at least one late payment during the past 12 months, according to Coface’s APAC Payment Survey 2026, exceeding the Asia Pacific average of 91%.
The energy transition and electrification could profoundly transform global metals markets. Faced with sharply rising demand and an increasingly constrained supply, copper, nickel and aluminum are expected to experience structural shortages by 2035, paving the way for a new bull market in metal prices.
The historically low water levels in the Rhine and the Danube are disrupting freight transport, compromising certain energy infrastructure and exacerbating pressures on several European industrial sectors. Whilst water levels are expected to remain low in the short term, their effects could persist over the coming months and affect growth in the most vulnerable economies.
Payment discipline among Singapore businesses is showing signs of deterioration, with substantially more firms reporting an increase in both the frequency and severity of payment delays than an improvement over the past year, according to Coface’s APAC Payment Survey 2026.
科法斯《2026 年亚太企业付款调查》显示，中国企业向客户提供的信用期限长于亚太地区同业，但逾期付款的回款耗时更久，整体付款环境持续走弱。
The Gulf states are stepping up their efforts in AI and data centres to prepare for the post-oil era. However, this new frontier in economic diversification exposes the region to unprecedented vulnerabilities: critical infrastructure, technological dependence, a shortage of talent and pressure on resources.
美国已用针对60个国家、税率在10%至12.5%之间的新关税取代了临时性关税，这些国家占美国商品进口的99%。这一进展表明，华盛顿方面决心维持其关税战略，同时为可能出台的新措施做准备。
Coface’s APAC Payment Survey 2026 reveals that 73% of Japanese firms report being affected by payment delays from customers in the last 12 months. Payment discipline appears to be deteriorating in the country, with more firms seeing worsening payment delays, both in terms of severity and frequency, than improvements. As part of an annual study to understand the payment behaviours and risks among businesses, Coface surveyed 2,800 finance professionals across multiple sectors and 10 Asia-Pacific (APAC) markets, including 252 respondents in Japan.
随着美国、加拿大和墨西哥已开始对《美墨加协定》进行正式审查，谈判预计将异常紧张。然而，尽管三国伙伴之间的分歧日益加深，但鉴于产业相互依存关系已根深蒂固，北美经济一体化出现持久逆转的可能性依然不大。
随着中东走向脆弱的停战期，冲突造成的经济冲击——供应链扰动、通胀——已开始向全球经济蔓延。在此背景下，科法斯进行了8个国家评级下调和45个行业评级调整（41个下调，仅4个上调）。
In an uncertain economic climate, companies in Latin America are tightening their credit terms to protect themselves, but without managing to stem the rise in payments delays. Nearly 8 in 10 companies are now facing payments delay, a rising figure, despite shorter payment terms. This dual trend illustrates the mounting cash flow pressures in the region, against a backdrop of high financing costs and fierce competition.
全球商业环境正以加速态势恶化：2026年初，受北美地区（+22%）推动，企业破产数量激增12%。在地缘政治紧张局势和成本压力不断加剧的背景下，科法斯（Coface）目前预测2026年全球破产案件将增长6%。
5月20日，欧盟理事会与欧洲议会就批准《特恩贝里协议》的文本达成妥协，这标志着布鲁塞尔与华盛顿之间的贸易关系进入了一个新阶段。但在跨大西洋关系看似回暖的表象之下，该协议主要体现了一种风险管理策略：其目的是避免美国保护主义再次抬头，同时保留在美国违背承诺时进行报复的手段。
Better equipped than its competitors to deal with energy shocks, China is currently limiting supply disruptions linked to tensions in the Middle East. However, rising input costs, combined with a slowdown in global demand, are weighing on already stretched corporate margins.
The trade war dominated economic news in 2025, and all the signs suggest it is far from over. Firstly, this article reviews the evidence pointing to the cost of tariffs being absorbed primarily by US companies. It then assesses the resilience of global trade.
While overall insolvency figures across Central and Eastern Europe stabilised overall in 2025, Coface’s latest CEE Insolvency Study reveals a far more fragmented reality, with sharp divergences between countries and sectors increasingly shaped by diverging macroeconomic conditions.
24 articles out of 175
通过科法斯针对 160 多个国家和 13 个产业的全球风险评估来应对不确定性。
通过科法斯的贸易谈话播客深入了解全球贸易的世界。 与贸易专家进行精彩的讨论，探索市场动态，并发现业务增长策略。
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