How China’s state insurer is turning Brazil’s credit crisis into an export advantage

Facing working capital lines that cost upwards of two per cent a month, equivalent to roughly 27 per cent a year according to market calculations, mid-sized importers are securing deferred payment terms directly from Chinese suppliers through credit limits backed by Sinosure, the China Export and Credit Insurance Corporation. No Brazilian bank is involved, and no domestic credit line is consumed. Sinosure is one of the world’s largest trade credit insurers, with a total insured volume of US$1.02 trillion in 2024, up 10 per cent from the previous year. Short-term export credit alone exceeded US$860 billion, covering roughly one in…