Market Monitor - Machinery - Brazil 2016

マーケットモニター

  • ブラジル
  • 機械・エンジニアリング

2016/08/18

The machinery sector mainly suffers from a massive decrease in public and private investments, especially in the construction and oil/gas sectors.

  • The machinery sector remains severely impacted by the economic downturn (Brazilian GDP is expected to contract 3.7% in 2016 after shrinking 3.8% in 2015). The Brazilian business environment has deteriorated while interest rates, inflation and exchange rate volatility remain high. The machinery sector mainly suffers from a massive decrease in public and private investments, especially in the construction and oil/gas sectors as major buyer industries.
  • Machines/engineering is one of the most leveraged Brazilian industries as it heavily depends on long-term financing from both the government and banks. Many machines businesses are highly indebted, due to large investments made in previous years when businesses expanded. Serving those debts has become increasingly difficult, mainly due to higher interest rates and the fact that banks are unwilling to provide new credit.
  • Next to demand, profit margins have deteriorated over the last 12 months and are expected to further decline in H2 of 2016.
  • Payment behaviour in the machinery sector is rather bad, as non-payments have increased in 2015 and are expected to increase further in the coming six months. Due to the credit crunch generated by high interest rates many businesses are stretching their payment terms. Insolvencies of machinery businesses have also increased, and a further rise in business failures is expected in the coming months.
  • Due to increasing credit insurance claims, the deteriorated business performance and increased credit risk, our underwriting stance is currently restrictive for all machinery subsectors.

関連ドキュメント

免責条項

本ウェブサイトの記載事項は、一般的な情報提供のみを目的とし、何らの目的においてもこれに依拠すべきではありません。規定条件については、実際の保険契約または該当の製品・サービス契約をご覧ください。本ウェブサイトの記載事項は、買主についてのまたは利用者の代理人としてのデューデリジェンスの実施義務を含め、アトラディウス側に何らの権利、義務または責任を生じさせるものではありません。アトラディウスが買主についてデューデリジェンスを実施する場合は、当社の保険引受をその目的とし、被保険者その他の利益を目的とするものではありません。さらに、アトラディウスおよびその関連会社、系列会社、子会社は、本ウェブサイトの掲載情報の利用によって生じた直接的、間接的、特異的、付随的、結果的損害について一切の責任を負いません。