ECGC has released its latest country risk classification, which comes into effect on May 1, 2023. The updated list includes a number of changes, reflecting the current economic and political conditions around the world.
One of the most significant changes in the classification is Sri Lanka, which has been downgraded to a D rating and placed under Restricted Cover Country II. This means that exporters to Sri Lanka will now face more stringent credit requirements and higher premiums.
In total, the latest classification places 185 countries under open cover country, indicating a relatively low level of risk, while 29 countries are under RCC1 and 25 countries are under RCC2, reflecting a higher level of risk.
This updated classification provides valuable insights for businesses involved in international trade, helping them to assess and manage the risks associated with exporting to different countries. For exporters, it is important to carefully review the classification for each country they are considering doing business with to determine the level of risk they are taking on.
The ECGC country risk classification can be easily accessed online through Exportsmitra.com, providing a user-friendly interface that allows businesses to quickly and easily review the latest classification for any country of interest. By staying up to date with the latest information and insights, businesses can make informed decisions and mitigate risks to ensure successful international trade.
