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Envelope-to: victor.lee@saraya.world
Delivery-date: Fri, 30 Jun 2023 15:05:49 +0800
Date: Fri, 30 Jun 2023 02:05:01 -0500 (CDT)
From: Allianz Trade in Asia Pacific <news_apac@allianz-trade.com>
Reply-To: info_apac@allianz-trade.com
To: victor.lee@saraya.world
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Subject: Hello, our June newsletter is out.
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June 2023
Climbing the wall of worries - Summer Economic Outlook
Dear Victor,

Some larger economies slipped into recession earlier this year amid a diffi=
cult global economic outlook, with GDP growth averaging at only +2.5% and +=
2.3% in 2023-24, respectively. Meanwhile, the manufacturing and global trad=
e recessions dragged several economies into a technical recession in Q1 202=
3 (Germany, Singapore, Taiwan).
learn more <https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqhdHUpza-gKuBh=
feZTnqKcGryOYjfiVjafiDk1dXfT5UVMz_fWKAzCh_A8y3IezUBFrUCV0=3D>
Allianz Trade Global Survey 2023
In our 2023 Allianz Trade Global Survey, we decided to check the pulse of c=
ompanies in seven countries =E2=80=93 the US, the UK, Germany, France, Ital=
y, Spain and Poland.
Read more <https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqhdHUeYJS6-2xm7=
k9-f6ZhEqJH7znFdZELIlTGn8oZ6XBoWqye6iQjBbhPPzjU9xoxOkBDk=3D>
Pharmaceuticals Sector Report 2023
Learn about the latest trends and insights about the pharmaceuticals sector=
 report. Download our report now.
Download <https://go.allianz-trade.com/dc/fYDavknS7IUXy9xnC836XsRc6mBkQKtOn=
EwAumkNy44aXbREH8RscuhjJRKvCjzep8qqzCTJzXGShkkKBpL7hyAF735rAg-kaW5Ty2ByeXNt=
IwZUkU73UrUVdOXtiGxdFxiANTJUdcpYZs6jEZee_htZnEfZRvEvTrfRzpM19mjOKyzAHcYUoiM=
UkD07MvIEuu0WfuQVTjoA2Udh5lf4vLwPDsuVSCWDrymFwbunt4t1963DsTLYPa_xhgw3RlsK9U=
lryyJ1xWqwKsAy9bQ4r0ODOHC0qXB_9dLYehXUvVrnRuDcL4jNOCjr8l3H-OptwegQCyy_EC8lF=
BT5HIBIZszHF_a3UdCY8TDYe6Ci3dH-I3bMan-y6_eNEIny_hObi2yCRc4HlRj-Hl2-jVN7DsCm=
q16R8Vnj48r-KNt1R2joyMwGEbnZtaQSZiduTFOS/MTMzLVdLQy02ODIAAAGMqhdHUaBKe8nEP9=
P2gjbVpL4oN4UdGtQMS6vCcDn0qoPzXcz8aUpeS1LyMk9w5cEW5WV9HaM=3D>
Agrifood Sector Report 2023
Our latest agrifood sector report is also out. Click the button below to re=
ad more.
Download <https://go.allianz-trade.com/dc/fYDavknS7IUXy9xnC836XsRc6mBkQKtOn=
EwAumkNy47dPVq3vwhH20wCXJAiAr3_KJjesVdDVKYntZzfmISVFCMEPsksztZthR0n24EBb_Do=
KICS9JolyP9oE8txLSc_xNEhoEt_O-xR9ocxdhFuFlIQq6gbcsWIdiRdzkYDCMS-gBSZK3kwppE=
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P2gjbVpL4oN4UdGtQMS6vCcDn0qoPzXcz8aUpeS1LyMk9w5cEW5WV9HaM=3D>
In case you missed them
Did you read our sector reports? Learn about the outlook of the electronics=
, chemicals, machinery and equipment sectors and more.
DOWNLOAD <https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqhdHUgzX05fMoErP=
XNwCamXHoYOueMy1ZaJUdtrURxQ8x5r1vU5y74Y5GlwCvLCgYodsX-Y=3D>
Ultimate guide of Trade Credit Insurance
On average, 1 in 10 invoices becomes delinquent. What should you do in this=
 scenario? Download our FREE ultimate Trade Credit Insurance guidebook for =
answers.
get it now <https://go.allianz-trade.com/dc/fYDavknS7IUXy9xnC836XsRc6mBkQKt=
OnEwAumkNy453945Bt6bnRvSVTeDdO4YeFhCwm5gMovTci4UsK58lV2LxeP7oxQFzGoB1-tsB-l=
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Allianz Trade is the trademark used to designate a range of services provid=
ed by Euler Hermes.=20
Euler Hermes APAC

Discover Allianz Trade <https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqh=
dHURrpEy10JRW-tw5qDhn3RgzLV6-X8g9ln6S571I_6_o-SOCliowEm9boex0zPSL5qNQ=3D>=
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Economic research <https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqhdHUbJ=
Rxw3xED728_LzeaUxlSjaHaj4tKnZUcllY4-nkRvmoCiJgjHoTAnJ1T9uJU4je3U=3D>
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oGLDclfO-OvEVgtyQZuR-zYyTRYaCdqqK5slEHZsjuZUlxRcB7iJWQ=3D>

Legal information <https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqhdHUkZ=
ZZ2Qa8RZ3aa7dLN0PXgDVdnzp2RX1rTgFjin5nL5hF-9yar4Ptap-X4wiUiB-2X4=3D> | Pref=
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_hM-xtp4UJ0vvPi0Nu-DhO2mO3tmqyxkcO338fQ9G7vrOOgb7VbTPp1Xdc7c=3D> | Unsubscr=
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UBpObojOAN4U8-XUMFOJlw3xe8uJptN3bP55awKE1LQVyPHb50=3D>

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<span style=3D"font-family: Arial, helvetica, sans-serif;"><span style=3D"c=
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wall of worries - Summer Economic Outlook </span></span><br /></span>=20
</div>=20
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<table class=3D"widthMobile mktoModule" width=3D"100%" border=3D"0" cellspa=
cing=3D"0" cellpadding=3D"0" align=3D"center" style=3D"padding-bottom: 0px;=
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<table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" role=
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<tbody>=20
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ns-serif; font-size:14px; mso-line-height-rule:exactly; line-height:15px; c=
olor:#414141; padding: 10px 20px 10px; text-align: center;">=20
<div class=3D"mktEditable bodylink" id=3D"bodycontent2">=20
<div style=3D"text-align: left; line-height: 21px;">=20
<span style=3D"color: #000000;">Dear Victor,<br /><br />Some larger economi=
es slipped into recession earlier this year amid a difficult global economi=
c outlook, with GDP growth averaging at only +2.5% and +2.3% in 2023-24, re=
spectively. Meanwhile, the manufacturing and global trade recessions dragge=
d several economies into a technical recession in Q1 2023 (Germany, Singapo=
re, Taiwan). </span>=20
</div>=20
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</tbody>=20
</table>
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lspacing=3D"0" border=3D"0" bgcolor=3D"#ffffff" style=3D"background-color:#=
ffffff; width: 600px;" id=3D"spacermodule2116b7c3-1f0c-4f35-b4d9-f20c72810a=
9e">=20
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ht=3D"1" style=3D"border-bottom: 2px solid #ffffff; height: 1px width: 560p=
x;"> </td>=20
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<table class=3D"widthMobile" width=3D"560" border=3D"0" cellspacing=3D"0" c=
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<table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"center">=
=20
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<tr>=20
<td align=3D"center" colspan=3D"1" valign=3D"top">=20
<table align=3D"left" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" bgco=
lor=3D"#007ab3" style=3D"border-collapse: separate !important; border: 1px =
solid #007ab3">=20
<tbody>=20
<tr>=20
<td align=3D"center" height=3D"34" style=3D"word-break: break-word; font-si=
ze: 12px; font-weight: bold; font-family:Arial, Helvetica, sans-serif; padd=
ing-left:30px; padding-right:30px; text-transform: uppercase">=20
<div class=3D"mktEditable" id=3D"btncenter45b1aca8-201a-4fc7-8ba3-a427b23e3=
6c1">=20
<a href=3D
"https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqhdHUpza-gKuBhfeZTnqKcGry=
OYjfiVjafiDk1dXfT5UVMz_fWKAzCh_A8y3IezUBFrUCV0=3D" class=3D"buttonclr" targ=
et=3D"_blank" style=3D"color: #ffffff; text-decoration: none; line-height: =
16px;"
>learn more</a>=20
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<table align=3D"center" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" =
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ns-serif; font-size:14px; line-height:15px; color:#414141; padding-top: 0px=
;">=20
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> <img src=3D"https://info.allianz-trade.com/rs/133-WKC-682/images/two work=
ers asian and white.jpg" alt=3D"two workers asian and white.jpg" width=3D"1=
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px;" cellpadding=3D"0" cellspacing=3D"0" border=3D"0">=20
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<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:24px; line-height:27px; mso-line-height-rule: exactly; =
color:#003781; padding: 0px 20px 15px;">=20
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<span style=3D"font-family: arial, helvetica, sans-serif; color: #0065ae;">=
Allianz Trade Global Survey 2023<br /></span>=20
</div> </td>=20
</tr>=20
<tr>=20
<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:14px; line-height:15px; mso-line-height-rule: exactly; =
color:#414141; padding: 0 20px 15px;">=20
<div class=3D"mktEditable bodylink" id=3D"smallimgtexttextde538901-df59-46e=
9-9f44-95da74ef8d84">=20
<div style=3D"line-height: 18px; text-align: left;">
 In our 2023 Allianz Trade Global Survey, we decided to check the pulse of =
companies in seven countries =E2=80=93 the US, the UK, Germany, France, Ita=
ly, Spain and Poland.=20
</div>=20
</div> </td>=20
</tr>=20
<tr>=20
<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:14px; line-height:15px; mso-line-height-rule: exactly; =
color:#414141; padding: 0 20px 1px;">=20
<table border=3D"0" cellspacing=3D"0" cellpadding=3D"0" align=3D"left">=20
<tbody>=20
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<table align=3D"left" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" bgco=
lor=3D"#007ab3" style=3D"border-collapse: separate !important; border: 1px =
solid #007ab3">=20
<tbody>=20
<tr>=20
<td align=3D"center" height=3D"34" style=3D"word-break: break-word; font-si=
ze: 12px; font-weight: bold; font-family:Arial, Helvetica, sans-serif; padd=
ing-left:30px; padding-right:30px; text-transform: uppercase">=20
<div class=3D"mktEditable" id=3D"smallimgtextbtn037d1a46-65c5-4a6d-89ef-14e=
d262dfdfa">=20
<a href=3D
"https://go.allianz-trade.com/MTMzLVdLQy02ODIAAAGMqhdHUeYJS6-2xm7k9-f6ZhEqJ=
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et=3D"_blank" style=3D"color: #ffffff; text-decoration: none; line-height: =
16px;"
>Read more</a>=20
</div> </td>=20
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<table align=3D"center" width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" =
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<table class=3D"widthMobile" width=3D"600" border=3D"0" cellspacing=3D"0" c=
ellpadding=3D"0" align=3D"left" style=3D"width: 600px;">=20
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px;" cellpadding=3D"0" cellspacing=3D"0" border=3D"0">=20
<tbody>=20
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<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:14px; line-height:15px; color:#414141; padding-top: 0px=
;">=20
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<a href=3D
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4aXbREH8RscuhjJRKvCjzep8qqzCTJzXGShkkKBpL7hyAF735rAg-kaW5Ty2ByeXNtIwZUkU73U=
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> <img src=3D"https://info.allianz-trade.com/rs/133-WKC-682/images/Pharma c=
over.jpg" alt=3D"Pharma cover.jpg" width=3D"173" border=3D"0" style=3D"" cl=
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ns-serif; font-size:14px; line-height:15px; color:#414141;">=20
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px;" cellpadding=3D"0" cellspacing=3D"0" border=3D"0">=20
<tbody>=20
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<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:24px; line-height:27px; mso-line-height-rule: exactly; =
color:#003781; padding: 0px 20px 15px;">=20
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ab89d1ebbcc">=20
<span style=3D"font-family: arial, helvetica, sans-serif; color: #0065ae;">=
Pharmaceuticals Sector Report 2023<br /></span>=20
</div> </td>=20
</tr>=20
<tr>=20
<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:14px; line-height:15px; mso-line-height-rule: exactly; =
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0-9bc5-e0762174ae73">=20
<div style=3D"line-height: 18px; text-align: left;">
 Learn about the latest trends and insights about the pharmaceuticals secto=
r report. Download our report now.=20
</div>=20
</div> </td>=20
</tr>=20
<tr>=20
<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:14px; line-height:15px; mso-line-height-rule: exactly; =
color:#414141; padding: 0 20px 1px;">=20
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lor=3D"#007ab3" style=3D"border-collapse: separate !important; border: 1px =
solid #007ab3">=20
<tbody>=20
<tr>=20
<td align=3D"center" height=3D"34" style=3D"word-break: break-word; font-si=
ze: 12px; font-weight: bold; font-family:Arial, Helvetica, sans-serif; padd=
ing-left:30px; padding-right:30px; text-transform: uppercase">=20
<div class=3D"mktEditable" id=3D"smallimgtextbtna20e2ddf-9180-4719-9155-694=
564afa5cc">=20
<a href=3D
"https://go.allianz-trade.com/dc/fYDavknS7IUXy9xnC836XsRc6mBkQKtOnEwAumkNy4=
4aXbREH8RscuhjJRKvCjzep8qqzCTJzXGShkkKBpL7hyAF735rAg-kaW5Ty2ByeXNtIwZUkU73U=
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ank" style=3D"color: #ffffff; text-decoration: none; line-height: 16px;"
>Download</a>=20
</div> </td>=20
</tr>=20
</tbody>=20
</table> </td>=20
</tr>=20
</tbody>=20
</table> </td>=20
</tr>=20
</tbody>=20
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<table class=3D"widthMobile" width=3D"600" border=3D"0" cellspacing=3D"0" c=
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<td align=3D"left" valign=3D"top" style=3D"padding: 20px 20px 20px 20px;">=
=20
<table align=3D"left" class=3D"widthFull" width=3D"173" style=3D"width: 173=
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<tbody>=20
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<div class=3D"mktoImg" id=3D"smallimgtextimg622c5c0f-5b66-463d-894a-1950d6a=
d99ac" mktolockimgsize=3D"true">=20
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> <img src=3D"https://info.allianz-trade.com/rs/133-WKC-682/images/agrifood=
 2023 cover.jpg" alt=3D"agrifood 2023 cover.jpg" width=3D"173" border=3D"0"=
 style=3D"" class=3D"photo" /> </a>=20
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px;" cellpadding=3D"0" cellspacing=3D"0" border=3D"0">=20
<tbody>=20
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<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:14px; line-height:15px; color:#414141;">=20
<table align=3D"left" class=3D"widthFull" width=3D"382" style=3D"width: 382=
px;" cellpadding=3D"0" cellspacing=3D"0" border=3D"0">=20
<tbody>=20
<tr>=20
<td align=3D"left" valign=3D"top" style=3D"font-family:Arial, Helvetica, sa=
ns-serif; font-size:24px; line-height:27px; mso-line-height-rule: exactly; =
color:#003781; padding: 0px 20px 15px;">=20
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acc77471dee">=20
<span style=3D"font-family: arial, helvetica, sans-serif; color: #0065ae;">=
Agrifood Sector Report 2023<br /></span>=20
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</tr>=20
<tr>=20
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<span style=3D"font-family: arial, helvetica, sans-serif; color: #0065ae;">=
Ultimate guide of Trade Credit Insurance</span>=20
</div> </td>=20
</tr>=20
<tr>=20
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ns-serif; font-size:14px; line-height:15px; mso-line-height-rule: exactly; =
color:#414141; padding: 0 20px 15px;">=20
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2-9315-6619bf3ff2ad">=20
<div style=3D"line-height: 18px; text-align: left;">
 On average, 1 in 10 invoices becomes delinquent. What should you do in thi=
s scenario? Download our FREE ultimate Trade Credit Insurance guidebook for=
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