G/AG/W/125/Add.2  
 
21 May 2014  
(14-3060)  Page: 1/28  
Committee on Agriculture    
 
 EXPORT SUBSIDIES, EXPORT CREDITS, EXPORT CREDIT GUARANTEES 
OR INSURANCE PROGRAMMES, INTERNATIONAL FOOD AID 
AND AGRICULTURAL EXPORTING STATE TRADING ENTERPRISES 
BACKGROUND DOCUMENT BY THE SECRETARIAT1 
Export Credits, Export Credit Guarantees or Insurance Programmes 
Addendum 
This addendum refers to and must be read in conjunction with document G/AG/W/125. It provides 
information on the use of export credits, expo rt credit guarantees and insurance programmes 
(hereinafter referred to as "export financing support") provided by Members for the export of agricultural products, as described in part B of document G/AG/W/125. 
 
 
_______________ 
 
 
                                               
1 This document has been prepared under the Secret ariat's own responsibility and is without prejudice 
to the position of Members or their rights or obligatio ns under the WTO. It has be en prepared for information 
only and is not intended to provide any authoritative or o fficial legal interpretation of the provisions of the WTO 
Agreements in general or in relation to any specific entity or measure listed in this document. G/AG/W/125/Add.2 
 
- 2 - 
 
  TABLE OF CONTENTS 
Australia .......................................................................................................................... 3  
Brazil ........................................................................................................................ ...... 6 
Canada ........................................................................................................................ ... 8 
European Union ............................................................................................................... 12 
Japan ............................................................................................................................. 13 
Malaysia ...................................................................................................................... ... 17 
New Zeal and ...................................................................................................................  18 
Peru ...............................................................................................................................  20 
Switzerland ..................................................................................................................... 23 
Turkey ........................................................................................................................ ... 24 
United States of America ................................................................................................... 25 
Viet Nam ...................................................................................................................... .. 27 
 
 
_______________ 
  
  G/AG/W/125/Add.2  
 
- 3 - Australia 
The Export Finance and Insurance Corporation (EFIC) is the only government entity that provides export finance in Australia. Th is is a self-funded organisation 
that operates in accordance with commercial principles. EFIC was established in its current form on 1 November 1991 under the E xport Finance and Insurance 
Corporation Act 1991 as a statutory corporation wholly owned by th e Commonwealth of Australia. EFIC has no agriculture specific  export financing 
programmes. The EFIC website is located at http://www.efic.gov.au . 
 
Export Credit, Export Credit Guarantees or Insurance Programs (Export financing)  
 
Programme 
title Category of 
support Description of Programme Annual average 
premium rates/fees per 
programme Maximum 
repayment 
terms per 
programme Annual average 
repayment 
periods per 
programme Export 
destination or 
group of 
destinations per 
programme 
(2013) Programme use 
by product or 
product group 
(2013) 
Export Working Capital Guarantee 
(EWCG) Risk cove
r A guarantee to an exporter's bank for the 
exporter's payment obligations under a working capital loan facility. The EWCG can 
support a single export contract or multiple 
contracts with different buyers. Premiums are based on 
factors including exporter credit-worthiness, payment 
terms of the export 
contract and tenor length. Under 180 days
 90 days  China and various  Dairy cattle, grains 
(sorghum and canola), meat and 
meat products 
Bond Risk cove r A guarantee on bond(s) issued by banks and 
other financial institutions to overseas buyers of Australian goods and/or services. EFIC may also issue the bond(s) directly. Types of bonds 
issued or guaranteed are: performance bonds, 
advance payment bonds and warranty bonds. These bonds may be on-demand or conditional. The EFIC guarantee on the bond remains in force until the term required under 
the export contract. Risk fees take into 
consideration the value of the security offered and the assessed technical and 
financial strength of the 
exporter to deliver on the contract. Under 180 days
 45 days  N/A Nil in 2013  
Risk 
Participation Agreements Risk cove
r Risk-sharing arrangement with  Asian 
Development Bank under ADB's Trade Facilitation Program (TFP) where EFIC will share in the risk that ADB takes when it provides guarantees against non-payment 
under financial instruments issued for 
payment of Australian exports to specific markets in Asia. Risk fees are quoted
 by the 
lead bank on a case by case basis, factoring in risk variables such as assessed riskiness of counterparty 
and tenor of exposure, 
amongst others.  Under 180 days
 48 days  Sri Lanka and  
Pakistan Red lentils, wool, 
carbonised wool, peas 
Export Finance Guarantee (EFG) Risk cover / 
government to government 
credit 
agreement Guarantee issued by EFIC in favour of 
banks/financial institution on loans provided to assist overseas buyers to purchase capital 
goods and/or services. The guarantee is 
generally limited to 85% of the contract value. Risk fee is calculated based 
on the assessed creditworthiness of the 
borrower, the tenor and 
frequency of repayments and assessed credit enhancement, including loan collaterals, if any. Over 180 days
 Over 180 days  Russia  Breeding cattle   
  G/AG/W/125/Add.2  
 
- 4 - Programme 
title Category of 
support Description of Programme Annual average 
premium rates/fees per 
programme Maximum 
repayment 
terms per 
programme Annual average 
repayment 
periods per 
programme Export 
destination or 
group of 
destinations per 
programme 
(2013) Programme use 
by product or 
product group 
(2013) 
Documentary 
Credit 
Guarantee (DCG) Risk cove
r EFIC guarantee payments to the confirming 
bank of the principal and interest obligations 
of the bank issuing an irrevocable documentary credit in connection with trade facilities extended to an Australian exporter. The guarantee may be up to 100% of the 
amount of the underlying documentary credit 
(DC), which is generally limited to 85% of the export contract value and will apply for the duration of the DC. Risk fee is calculated based 
on the assessed 
creditworthiness of the issuing bank, the tenor and frequency of repayments. Under 180 days
 60 days  N/A Nil in 2013  
Foreign 
Exchange 
Facility 
Guarantee (FXG) Other form of 
governmental 
export credit 
support EFIC's guarantee extended to participating 
foreign exchange specialists to increase the 
trading limit on the foreign exchange facility 
they offer to their exporting clients without the need for the exporter to provide additional security. Participating foreign exchange providers can increase the trading limit of up 
to A$2.5m they offer to Australian exporters 
and allows for foreign exchange forward contracts duration of up to a maximum tenor of 12 months.* EFIC receives a pre-agreed 
proportion of the gross fee 
received by the 
participating commercial foreign exchange provider. Under 180 days
 90 days  Various  Meat and  meat 
products, almonds, 
wheat, lentils and 
legumes, grains  
* While the maximum term for which an FXG facility is in place for an exporter is 12 months, the actual repayment term for a cont ract on the export of an agriculture product subject to an FXG does not 
typically exceed 180 days.  
 
 Total value of export of agricultural produc ts covered by export credits, export cred it guarantees or insurance programmes and use per 
programme (Million A$) 
 
EFIC Programme 2009 2010 2011 2012 2013 
Export Working Capital Guarantee (EWCG) 17.38 27.6 47.7 100.82 24.7 
Bond     24.2 17.26   
Risk Participation Agreements     0.72 4.71 5.38 
Export Finance Guarantee (EFG)     54 56.2 16.14 
Documentary Credit Guarantee (DCG)   22.4       
Foreign Exchange Facility Guarantee (FXG)   44.3 131.4 13.8 1.15 
Totals 17.38 94.3 258.02 192.79 47.37 
 
   
  G/AG/W/125/Add.2  
 
- 5 -  
Programme Title Export 
destinations 
or group of 
destinations 
per 
programme 
(2009) Export 
destinations 
or group of 
destinations 
per 
programme 
(2010) Export 
destinations 
or group of 
destinations 
per 
programme 
(2011) Export 
destinations 
or group of 
destinations 
per 
programme 
(2012) Programme Title Programme 
use by 
product or 
product 
group 
(2009) Programme 
use by 
product or 
product 
group 
(2010) Programme 
use by 
product or 
product group 
(2011) Programme 
use by 
product or 
product 
group (2012) 
Export Working Capital 
Guarantee 
(EWCG) China China China, Turkey Philippines, 
China Export Working 
Capital 
Guarantee 
(EWCG) Dairy Cattle Breeding 
cattle Breeding cattle Breeding 
cattle, cotton 
seed, dairy 
cattle 
Bond     Russian 
Federation Russian 
Federation Bond     Breeding cattle Breeding cattle  
Risk 
Participation Agreements     Pakistan Viet Nam, 
Sri Lanka, Pakistan Risk 
Participation Agreements     Wool, 
carbonised wool Malting barley, 
feed wheat, red lentils, 
premium white 
wheat, carbonised wool 
Export Finance Guarantee (EFG)     Russian 
Federation and Sri Lanka Russian 
Federation Export Finance 
Guarantee (EFG)     Breeding cattle, 
dairy cattle and associated infrastructure Breeding cattle 
 
Documentary 
Credit Guarantee (DCG)   Turkey     Documentary 
Credit Guarantee (DCG)   Breeding 
cattle     
Foreign 
Exchange Facility Guarantee (FXG)   Various Various Various Foreign 
Exchange Facility Guarantee (FXG)   Meat and 
meat products, oilseeds, grains, pulses and nuts, milk powder Meat and meat 
products, almonds, oilseeds, grains, pulses and nuts, pecan and macadamia nuts, cotton seeds and wheat barley, hay and straw, wool, wheat, 
cereal grain Beef, cotton 
seed, meat and meat products, oilseeds, grains, pulses and nuts, wheat barley, wheat, lentils and legumes, grains, wool G/AG/W/125/Add.2 
 
- 6 - 
 
  Brazil 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
No official export credit guarantee or insura nce program applies to agricultural products. 
 
With respect to export credits, the "Proex Fina nciamento" program provides direct financing to 
exporters. It is based on Law 10184 and the Re solution 2575 of the National Monetary Council 
(CMN).  
2. Description of Export Financing Entity 
 Secretary of the National Treasury. 
 
3. Total value of export of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programs and use per program 
 
The total value of agricultural exports covered by the "Proex Financiamento" program in 2013 was 
USD 14,813,466.60.  
4. Annual average premium rates/fees per programme 
 For the "Proex Financiamento" program, it is the financing period's Libor rate for the applicable 
currency. 
 5. Maximum repayment terms per programme 
 
Six months.  6. Annual average repaymen t periods per programme 
 
5.74 months.  
7. Export destination or group of destinations per programme 
 Please see the list below. This data is presented in US dollars and contains the total value of 
exports financed in 2013 by the "PROEX Financiamento" program per destination. 
 Canada - 38,210.90 Chile - 295,781.85 
China - 2,108,235.02 
Colombia - 122,919.74 Costa Rica - 184,960.00 
France - 252,050.00 
Germany - 4,982,845.76 Italy - 2,983,003.33 
Japan - 1,153,038.88 
Lebanon - 69,118.54 Mexico - 1,304,406.00 Netherlands - 48,712.07 
Nicaragua - 199,599.00 
Panama - 116,000.00 Peru - 192,720.00 
Saudi Arabia, Kingdom of - 104,670.51 
United States of America - 86,955.00 United Arab Emirates - 570,240.00 
 G/AG/W/125/Add.2 
 
- 7 - 
 
  8. Programme use by product or product group 
 Please see the list below. This data is presented in US dollars and contains the total value of exports financed in 2013 by the "PROEX Financiamento" program per HS Chapter. 
 
09 - 547,831.85 10 - 48,712.07 
12 - 2,120,604.74 
15 - 6,244,277.23 16 - 2,027,127.45 17 - 38,210.90 
19 - 173,789.05 
21 - 86,955.00 24 - 3,525,958.31  
  G/AG/W/125/Add.2  
 
- 8 - Canada 
Description of Programme and Export Financing Entity 
 
Description of export financing entity: Export Development Canada (EDC) . 
The EDC is Canada's official Export Credit  agency. Its mandate is to support and develop Canada's export trade by helping Canad ian companies respond to 
international business opportunities. The EDC is self-financing an d a Crown corporation that operates at arm's length from the government. For further 
information: http://www.edc.ca/  
Program 
Category Program 
Name Category 
of 
Support Description of Program Term 
Short Term 
Insurance 
(STI) Accounts 
Receivable 
Insurance (b) Risk 
Cover 
 Credit insurance product that protect policyholders against commercial credit risks such as 
non-payment by their buyers driven by the following insured risks: 
- insolvency 
- default - repudiation of goods 
- termination of contracts 
- political risks such as difficulty in converting or transferring currency, cancellation of export 
or import permits  
- war-related risks of losses 
 Other notable features include: - 90% co-insurance ratio 
- ability to provide coverage for Canadian companies, including their foreign affiliates 
(subject to legal opinion) - Coverage options vary and can include global coverage (whole book) or coverage of select 
payment terms or markets ≤ 180 days 
Short Term 
Insurance 
(STI) Single Buyer 
Insurance (b) Risk 
Cover Single Buyer Insurance is a credit insurance product that can cover export sales to a specific 
customer for a 180 day period on shipments or services. The policy carries a co-insurance 
ratio of up to 90 % of losses if a customer does not pay after accepting the goods for reasons that may include: - bankruptcy or insolvency; 
- currency conversion and transfer; and 
- war, revolution, or insurrection. ≤ 180 days 
  
  G/AG/W/125/Add.2  
 
- 9 -  
Description of export financing entity: Canadian Wheat Board (CWB). 
The Canadian Wheat Board (CWB) is a Canadian gr ain marketing corporation, operating under the Canadian Wheat Board (Interim Operations) Act . On August 1, 2012, the CWB 
lost its former monopoly on marketing of wheat and barley for export and domestic human consum ption with the repeal of the Canadian Wheat Board Act . It now competes in an 
open market for grain and its mandate is to market grain for th ose producers who wish to use it . For further information: http: //www.cwb.ca/ 
Program Name and Description of Program  Category of 
support  Entities  Term  
Credit Grain Sales Program (CGSP) 
Description:  The Government of Canada guarantees the re payment of the principal and interest of all 
receivables resulting from sales made under the CG SP to sovereign buyers. There has been no new 
CGSP activity since 2001-02. Current activity is limited of existing debt. (a) Direct 
financing support (a) Government departments and 
(c) agricultural export state trading enterprises >180 days 
Agri-Food Credit Facility (ACF) 
Description:  Under the ACF, the government of Canada guarantees a declining percentage, based on 
repayment terms of the credit, of all receivables resu lting from sales to non-sovereign buyers. The terms 
vary depending on the customer and are usually between 90 and 360 days. The CWB is responsible for the remaining balance. ACF was established in 1995 and first used in 1997-98. The program is still in use 
today. (a) Direct 
financing support (a) Government departments and 
(c) agricultural export state trading enterprises >90days 
<360days 
 
Total value of exports covered:  
Canadian Wheat Board (CWB): Cred it Grain Sales Program (CGSP) 
and Agri-Food Credit Facility (ACF) sales 
 
Crop Year Credit Facility Canadian $ 
August 1/94 - July 31/95 Exports under CGSP Credit 266,171,628 
August 1/95 - July 31/96 Exports under CGSP Credit 220,524,480 
August 1/96 - July 31/97 Exports under CGSP Credit 179,422,717 
August 1/97 - July 31/98 Exports under ACF Credit 21,763,895 
  Exports under CGSP Credit 384,780,723 
  Total   406,544,618 
August 1/98 - July 31/99 Exports under ACF Credit 91,989,915 
  Exports under CGSP Credit 95,073,657 
  Total   187,063,572 
August 1/99 - July 31/00 Exports under ACF Credit 145,868,005 
  Exports under CGSP Credit 371,670,601 
  Total   517,538,606 
August 1/00 - July 31/01 Exports under ACF Credit 159,431,130 
  Exports under CGSP Credit 222,462,540 
  Total   381,893,670 
August 1/01 - July 31/02 Exports under ACF Credit 115,781,065 
  Exports under CGSP Credit 133,539,957 
  Total   249,321,023 
August 1/02 - July 31/03 Exports under ACF Credit 87,865,865 
August 1/03 - July 31/04 Exports under ACF Credit 151,358,678  
  G/AG/W/125/Add.2  
 
- 10 - Crop Year Credit Facility Canadian $ 
August 1/04 - July 31/05 Exports under ACF Credit 113,627,275 
August 1/05 - July 31/06 Exports under ACF Credit 152,641,251 
August 1/06 - July 31/07 Exports under ACF Credit 170,602,882 
August 1/07 - July 31/08 Exports under ACF Credit 151,781,835 
August 1/08 - July 31/09 Exports under ACF Credit 95,687,668 
August 1/09 - July 31/10 Exports under ACF Credit 91,171,090 
August 1/10 - July 31/11 Exports under ACF Credit 144,792,791 
August 1/11 - July 31/12 Exports under ACF Credit 133,691,715 
August 1/12 - July 31/13 Exports under ACF Credit 52,642,620 
 
Total Value of Exports Covered; Commodity Coverage Description; Export Destination or Group of Destinations by Programme 
 Export Development Canada Data 
Short Term Insurance  
(≤180 days) Canadian $ 1995 1996  1997  1998  1999  2000  2001  2002  2003  
Breeding / Genetics /  
Animal Health and Nutrition  4,893,679.35  13,550,978.24  10,746,304.21  14,454,836.05 23,419,508.23  42,870,065.57  47,053,472.99  40,008,206.26  
Commodities-Grain, Specialty 
Crops 11,041,881.79 24,264,445.16  113,460,514.42  185,932,014.56  198,298,950.97 155,476,008.49  238,535,003.04  266,632,511.38  211,027,593.39  
Commodities - Meat 22,258,082.16 74,360,022.54  125,073,632.30  151,960,991.38  205,200,363.55 201,318,954.75  356,240,975.04  367,177,160.28  257,495,901.48  
Commodities-
Horticulture/Organic 80,340,217.75 138,332,567.95  168,073,360.29  190,459,752.54  215,022,528.56 325,561,668.95  177,383,302.70  104,671,151.92  46,181,510.96  
Processor, Elevato r-Grain, 
Specialty Crops 18,163,693.70 17,253,180.17  12,739,499.57  6,330,577.63  20,853,466.45 23,292,362.60  49,389,329.18  69,369,137.07  53,754,665.56  
 
 
Short Term Insurance  
(≤180 days) 
Canadian $ 2004  2005 2006  2007  2008  2009 2010  2011  2012  2013  
Breeding / Genetics /  
Animal Health and Nutrition 58,246,885.48
 51,382,265.42 38,063,450.04 35,784,867.48 43,388,450.86 48,390,973.89 44,540,891.83 107,136,983.41 96,947,286.90  101,218,391.31
Commodities-Grain, 
Specialty Crops 189,262,867.05  227,660,620.45 251,902,804.19 248,381,965.92 393,964,425.56 366,537,308.43 326,532,894.40 382,617,073.04 279,663,491.56  342,618,845.57
Commodities - Meat 153,853,419.69  160,224,529.25 163,748,605.83 139,432,166.41 183,062,518.47 287,047,560.44 496,211,475.79 871,173,357.26 1,050,497,735.50  916,031,516.56
Commodities-
Horticulture/Organic 47,508,378.17  60,204,219.08 48,685,822.36 44,974,796.57 66,301,367.47 75,933,341.12 77,478,271.13 79,593,297.50 89,801,496.40  132,996,195.30
Processor, Elevato r-
Grain, Specialty Crops 50,060,368.69  60,238,968.14 41,182,538.46 106,221,885.46 356,898,914.99 344,996,162.76 352,985,630.44 453,486,648.51 631,543,145.31  1,016,868,027.78
 
 
 
  
  G/AG/W/125/Add.2  
 
- 11 -  
 
 
   
 
  
 
  
 
   EDC SubSector Description Product/Group of Products 
Commodities - Grain, Specialty Crops Wheat and wheat flour 
Coarse grains 
Processor, Elevator-Grain, Specialty Crops Oilseeds 
Vegetable oils 
Oilcakes 
Commodities - Meat Bovine meat 
Pigmeat 
Poultry meat 
Sheep meat 
Breeding/Genetics/Animal Health and Nutrit ion Live animals (beef, dairy, swine) 
Commodities - Horticulture, Organic 
Horticulture Fruit 
Vegetables Destination by region (Canadian $)   
Africa, Europe and Middle-East 789,077,413.82 
Asia 686,767,437.22 
Mexico, Central America an d Caribbean 258,254,200.89 
North America 569,963,556.30 
South America 205,670,368.29 G/AG/W/125/Add.2 
 
- 12 - 
 
  European Union 
No export credit, export credit guarantees or in surance programmes are operated at the EU level. 
The following data concerns various export financing schemes operated by the EU member States. Data is not available for all programmes applied by the EU member States. 
 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any 
other form of governmental export cr edit support) and relevant legislation 
 Risk cover, credit insurance and direct financing support, based on the EU member States' national 
legislation. 
 
2. Description of Export Financing Entity  
Atradius Dutch State Business; 
BAEZ (Bulgarian Export Insurance Agency); COFACE (France); 
ECIO (Export Credit Insurance Organization of Greece); 
EKN (Swedish Export Credits Guarantee Board); Euler Hermes Aktiengesellschaft in consortium with PricewaterhouseCoopers Aktiengesellschaft 
Wirtschaftsprüfungsgesellschaft (Germany); 
Finnvera plc (Finland); 
Hungarian Export-Import Bank and Hungarian Export Credit Insurance Ltd; KredEx Credit Insurance Ltd (Estonia); 
KUKE S.A. (Export Credit Insurance Corp oration Joint Stock Company of Poland); 
LGA (Latvian Guarantee Agency Ltd); Oesterreichische Kontrollbank AG (Austria) 
SID Bank Inc (Slovenia); 
UK Export Finance.  3. Total value of export of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programs and use per program 
 According to the data available, the total value of export of agricultural products covered by export 
financing programmes reach at least 500 million euros annually in the most recent years. 
 4. Annual average premium rates/fees per programme 
 
According to the data available premiums ra nge from 0.64% to 6.5% depending on the 
programme and its parameters.  
5. Maximum repayment terms per programme 
 According to the data available, maximum repayment period can go up to 10 years depending on 
the programme and its parameters. 
 6. Annual average repaymen t periods per programme 
 
According to the data available, average repa yment periods range from 60 days to one year, 
depending on the programme and its parameters.  
7. Export destination or group of destinations per programme 
 Worldwide. 
 
8. Programme use by product or product group  
Programmes applied by the EU member States cover a large variety of agricultural and processed 
agricultural products. G/AG/W/125/Add.2 
 
- 13 - 
 
  Japan 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
Export Bill Insurance http://nexi.go.jp/en/products/types/bill/  
Export Credit Insurance for SMEs http://nexi.go.jp/en/products/types/smes/  
Export Credit Insurance http://nexi.go.jp/en/products/types/export/  
 
These programmes are all categorized as risk cover. Relevant legislation: Trade Insurance and Investment Act. 
 
2. Description of Export Financing Entity  
Incorporated Administrative Agency, Nippon Export and Investment Insurance (NEXI). 
  
  G/AG/W/125/Add.2  
 
- 14 - 3. Total value of export of agricultural pr oducts covered by export credits, export credit guarantees or insurance programmes a nd use per 
programme 
 
Type of Insurance （Fiscal Year (April - March ）) 1995  1996  1997  1998  1999  2000  2001  
Export Bill Insurance Number of underwritten 321  308 362 443  448 446 506 
Value of export of agricultural 
products (yen) 1,085,881,367  1,042,748,562  1,142,927,061 1,450,225,958  1,566,587,196  1,696,053,307  1,794,343,201 
Export Credit Insurance for 
SMEs Number of underwritten -  - - -  - - - 
Value of export of agricultural 
products (yen) - - - -  - - - 
Export Credit Insurance Number of underwritten 212  232 228 227  240 262 278 
Value of expo rt of agricultural 
products (yen) 506,520,804  509,688,831  1,272,800,330 705,536,977  686,490,394  608,012,858  856,076,236 
Total / Number of underwritten  533 540 590 670  688 708 784 
Total/Value of export of agricultural products (yen) 1,592,402,171  1,552,437,393  2,415,727,391 2,155,762,935  2,253,077,590  2,304,066,165  2,650,419,437 
 
Type of Insurance （Fiscal Year (April - March ）) 2002  2003  2004  2005  2006  2007  2008  
Export Bill Insurance Number of underwritten 512  269 275 305  303 316 286 
Value of export of agricultural 
products (yen) 2,040,406,324  1,100,720,060  1,086,485,744 1,278,993,110  1,304,361,795  1,440,843,995  1,386,365,204 
Export Credit Insurance for 
SMEs Number of underwritten -  - - 3  11 19 25 
Value of export of agricultural 
products (yen) - - - 1,544,438  23,104,267  33,981,051  40,105,262 
Export Credit Insurance Number of underwritten 399  859 894 979  1,390  1,679  1,796 
Value of export of agricultural 
products (yen) 1,159,091,855  2,777,147,521  3,015,634,350 3,566,864,514  5,631,100,931  7,724,731,451  8,650,973,770 
Total / Number of underwritten  911 1,128  1,169 1,287  1,704  2,014  2,107 
Total/Value of export of agricultural products (yen) 3,199,498,179  3,877,867,581  4,102,120,094 4,847,402,062  6,958,566,993  9,199,556,497  10,077,444,236 
 
Type of Insurance （Fiscal Year (April - March ）) 2009  2010  2011  2012  2013  
(Apr.-Dec. ） Total  Average 
（1995～2012） 
Export Bill Insurance Number of underwritten 289  285 258 245  175 6,352   
Value of export of agricultural 
products (yen) 1,494,431,569  1,533,160,563  1,371,128,078 1,249,134,341  985,516,635  26,050,314,070  1,392,488,746  
Export Credit Insurance for 
SMEs Number of underwritten 29  30 34 28  57 236  
Value of export of agricultural 
products (yen) 46,571,107  69,908,572  84,273,412 81,453,513  250,003,897  630,945,519  21,163,423  
Export Credit Insurance Number of underwritten 1,628  1,658  2,147 1,841  1,444  18,393   
Value of export of agricultural 
products (yen) 7,204,222,570  7,567,224,087  11,779,552,689 9,815,051,676  5,745,290,101  79,782,011,945  4,113,151,214  
Total / Number of underwritten  1,946  1,973  2,439 2,114  1,676  24,981   
Total/Value of export of agricultural products (yen) 8,745,225,246  9,170,293,222  13,234,954,179 11,145,639,530  6,980,810,633  106,463,271,534  5,526,803,383 
  
  G/AG/W/125/Add.2  
 
- 15 - 4. Annual average premium rates/fees per programme 
 
Annual average premium fees in FY1995 to FY2012 are: 
10,985 thousand yen (Export Bill Insurance) 222 thousand yen (Export Credit Insurance for SMEs) 7,349 thousand yen (Export Credit Insurance) 
 
Average premium rates are not available. 
 
Annual Average Premium fees by expo rt of agricultural products (F Y1995-Dec.2013) (in Japanese Yen) 
Type of Insurance Fiscal Yea r 
(April-March) 1995  1996  1997  1998  1999  2000  2001 
Export Bill Insurance Number of underwritten 321  308 362 443  448 446 506 
Premium fees 15,489,053  12,176,622  11,199,676 8,811,676  12,594,458  13,092,872  13,375,315 
Export Credit Insurance for 
SMEs Number of underwritten － － － － － － － 
Premium fees － － － － － － － 
Export Credit Insurance Number of underwritten 212  232 228 227  240 262 278 
Premium fees 563,411  510,038  1,156,755 1,078,629  863,158  785,567  1,069,613 
Total / Number of underwritten  533 540 590 670  688 708 784 
Total/Premium fees  16,052,464  12,686,660  12,356,431 9,890,305  13,457,616  13,878,439  14,444,928 
 
Type of Insurance Fiscal Yea r 
(April-March) 2002  2003  2004  2005  2006  2007  2008 
Export Bill Insurance Number of underwritten 512  269 275 305  303 316 286 
Premium fees 14,523,671  8,066,932  7,757,395 9,649,569  9,741,880  10,537,726  10,166,721 
Export Credit Insurance for 
SMEs Number of underwritten － － － 3 11 19 25 
Premium fees － － － 20,512  228,403  314,271  427,644 
Export Credit Insurance Number of underwritten 399  859 894 979  1,390  1,679  1,796 
Premium fees 1,180,647  3,239,402  4,650,414 5,359,218  8,633,804  11,992,148  13,186,454 
Total / Number of underwritten  911 1,128  1,169 1,287  1,704  2,014  2,107 
Total/Premium fees  15,704,318  11,306,334  12,407,809 15,029,299  18,604,087  22,844,145  23,780,819 
 
Type of Insurance Fiscal Yea r 
(April-March) 2009  2010  2011  2012  2013  
(Apr.-Dec. ） Total  Average 
（1995-2012 ） 
Export Bill Insurance Number of underwritten 289  285 258 245  175 6,352    
Premium fees 10,085,091  11,068,910  10,020,948 9,365,344  7,479,260  205,203,119  10,984,659  
Export Credit Insurance for 
SMEs Number of underwritten 29  30 34 28  57 236   
Premium fees 524,201  830,562  1,038,505 617,856  1,598,182  5,600,136  222,331  
Export Credit Insurance Number of underwritten 1,628  1,658  2,147 1,841  1,444  18,393    
Premium fees 11,576,324  15,826,636  30,554,307 20,057,492  10,554,269  142,838,286  7,349,112  
Total / Number of underwritten  1,946  1,973  2,439 2,114  1,676  24,981    
Total/Premium fees  22,185,616  27,726,108  41,613,760 30,040,692  19,631,711  353,641,541  18,556,102  
 G/AG/W/125/Add.2 
 
- 16 - 
 
  5. Maximum repayment terms per programme 
 Maximum repayment term of the programmes is two years each.  
6. Annual average repaymen t periods per programme 
 Not available. 
 
7. Export destination or group of destinations per programme 
 
Type of Insurance Export destination or group of destinations (FY1995 - Dec. 2013) 
Export Bill Insuranc e Australia; Belgium; Brazil; Ca nada; Chile; China; Colombia; 
Commonwealth of the Northern Mariana Islands (USA); Croatia; Denmark; Egypt; Finland; France; Germany; Greece; Guam (USA); Hong Kong, 
China; India; Indonesia; Ireland; Israel; Italy; Korea, Republic of; 
Malaysia; Marshall Islands; Mexico; Monaco; Netherlands; New Zealand; Pakistan; Palau; Philippines; Poland; Saudi Arabia, Kingdom of; Singapore; 
South Africa; Spain; Sweden; Switze rland; Chinese Taipei; Thailand; 
United Kingdom; United States of America. 
Export Credit Insurance for SMEs  Australia; Brazil; Ca nada; China; Hong Kong, China; Israel; Italy; Latvia; 
Malaysia; Russian Federation; Singapore; Switzerland; Chinese Taipei; Thailand; United Arab Emirates, United States of America. 
Export Credit Insurance Argentina; Australia; Bahrain, Kingdom of; Belgium; Brazil; Cambodia; 
Canada; Ceuta (Spain); China; Czech Republic; Denmark; Ecuador; Egypt; 
Finland; France; Germany; Hong Kong, China; Hungary; India; Indonesia; 
Iran; Ireland; Israel; Italy; Jordan; Korea, Republic of; Kuwait, the State 
of; Latvia; Lebanon; Macao, China; Malaysia; Mexico; Morocco; Nepal; Netherlands; New Caledonia (French); New Zealand; Nigeria; Norway, Pakistan; Philippines; Poland; Portugal; Qatar; Romania; Russian Federation; Saudi Arabia, kingdom of; Singapore; Slovenia; South Africa; Spain; Sri Lanka; Sweden; Switzerlan d; Syrian Arab Republic; Chinese 
Taipei; Thailand; Turkey; United Arab Emirates; United Kingdom; United States of America; Viet Nam. 
 
8. Programme use by product or product group  
Type of Insurance HS codes of Products or Product groups 
(FY1995 - Dec. 2013) 
Export Bill Insurance 0408, 0506, 0509, 0510, 0602, 0709, 0710, 0711, 0712, 0902, 0910, 
1006, 1008, 1101, 1103, 1104, 1108, 1201, 1207, 1211, 1212, 1301, 1302, 1504, 1505, 1514, 1515, 1516, 1517, 1518, 1519, 1521, 1604, 1605, 1701, 1702, 1703, 1704, 1806, 1901, 1902, 1904, 1905, 2001, 
2003, 2005, 2006, 2008, 2101, 2102, 2103, 2104, 2105, 2106, 2202, 
2203, 2205, 2206, 2207, 2208, 2209, 2308, 2309, 2402, 2905, 3301, 3504, 3505, 5202 
Export Credit Insurance for SMEs  0401, 0602, 0704, 0714, 1006, 1605, 1702, 1806, 1902, 2007, 2103, 
2206 
Export Credit Insurance 0201, 0202, 0203, 0207, 0400, 0401, 0402, 0403, 0404, 0405, 0406, 
0407, 0408, 0409, 0505, 0508, 0706, 0708, 0709, 0710, 0712, 0714, 0805, 0806, 0807, 0808, 0809, 0810, 0811, 0813, 0901, 0902, 0904, 
0909, 0910, 1001, 1006, 1008, 1101, 1102, 1104, 1106, 1108, 1109, 
1201, 1202, 1207, 1208, 1209, 1212, 1213, 1302, 1404, 1502, 1503, 1504, 1505, 1506, 1507, 1509, 1515, 1516, 1517, 1518, 1519, 1520, 1521, 1603, 1604, 1605, 1702, 1704, 1806, 1901, 1902, 1904, 1905, 2001, 2004, 2005, 2006, 2007, 2008, 2009, 2101, 2102, 2103, 2104, 2105, 2106, 2201, 2202, 2203, 2204, 2206, 2207, 2208, 2209, 2301, 2302, 2304, 2309, 2905, 3301, 3501, 3502, 3503, 3504, 3505, 3809, 5001, 5203, 5301 G/AG/W/125/Add.2 
 
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  Malaysia 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
Facilities offered by EXIM Malaysia: a. Direct Financing: 
i. Cross Border Financing (The facility provides financial support to Malaysian 
investors/contractors undertaking project overseas) 
ii. Trade Finance (The facility offers Pre and Post-Shipment Financing). 
 
b. Risk cover/Credit Insurance 
i. Short term credit insurance ii. Medium or long term credit insurance 
 
2. Description of Export Financing Entity  
Export-Import Bank of Malaysia Berhad is a development financing institution wholly owned by 
Government (through Minister of Finance Inc. and Federal Lands Commission) and guided by the 
Central Bank ruling (Development Financial Institution Act).  
3. Total value of export of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programmes and use per programme 
 
In 2012, total value of export of agriculture prod ucts covered by export credits, export credit 
guarantees or insurance programs amounted to RM 292 million. There is no detail information on 
the usage per programme. 
 
4. Annual average premium rates/fees per programme 
 The pricing for credit insurance is as per the risk assume and ranges from 0.35% to 1.5%. 
 
5. Maximum repayment terms per programme  
Export credit: 
a. Trade financing – one (1) year; and 
b. Cross border financing – ten (10) years. 
 
Export credit guarantee: a. Maximum of four (4) years. 
 
Credit insurance: 
a. short term – one (1) year; and 
b. medium, long term – ten (10) years. 
 
6. Annual average repaymen t periods per programme 
 
Monthly repayment applies for export credit, export credit guarantee and credit insurance. 
 7. Export destination or group of destinations per programme 
 
No specification in relation to destinations per programme. 
 8. Programme use by product or product group 
 
No details of programme use by product or product group.  G/AG/W/125/Add.2 
 
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  New Zealand 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
Pursuant to New Zealand's Public Finance Act 1989,  the New Zealand Export Credit Office (NZECO) 
was established to provide trade credit insurance and financial guarantee products to New Zealand 
exporting firms or banks. NZECO is New Zealand's ex port credit agency. It does not provide direct 
financing.  In response to the Global Financial Crisis, NZECO's mandate was extended in 2009 to provide 
Short Term trade credit insurance (Short Term Loan Guarantee) which covers the risk of a foreign 
buyer defaulting on their short term repayments due to specific commercial or political events. Although NZECO operates on commercial terms, it can only provide this product for non-
marketable risks and/or where private insurers  lack the capacity. NZECO also provides co-
insurance (top-up cover) policies to support the private insurers' capacity.   
The vast majority of NZECO's export credit insurance policies in the last five years were for 
80% commercial and political risk coverage. The maximum was 90% coverage, and the lowest was 50% coverage.  
2. Description of Export Financing Entity 
 NZECO is New Zealand's export credit agency. It is currently located in the New Zealand Treasury 
and obligations to third parties are guaranteed by the New Zealand government through the 
Minister of Finance. The provision of NZECO's pr ograms is intended to extend and develop the 
capacity and risk appetite of private providers (i nsurers and banks). NZECO is required to cover all 
operating costs (including claims) and break-even over the long-term. To meet this requirement, 
NZECO charges assessment fees and risk-weighted premiums.   See http://www.nzeco.govt.nz/  for more information on NZECO. 
 
3. Total value of export of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programmes and use per programme 
 
 2009 2010 2011 2012 2013 
Total annual value  of Agricultural Exports 
supported by NZECO (in NZD million) 126.8 209.3 150.5 169.9 76.4 
Average Policy Exposure (in NZD million) 1.2 1.25 1.36 1.19 1.40 
Average Percentage of cover 80% 80% 80% 80% 80% 
 
4. Annual average premium rates/fees per programme 
 NZECO charges risk-weighted premiums sufficient to  cover all operating costs (including expected 
losses) only. Premium rates can vary significantly as they are set using several variables including 
the buyer's country risk classifications (as set between the Participants to the Arrangement on 
Officially Supported Export Credits), the credit ra ting of the debtor, the tenor of the credit term, 
the terms of the repayment and any risk mitigati ons (i.e. using a letter of credit guarantee).  
 
5. Maximum repayment terms per programme  
These vary depending on the program. 36 months is the theoretical maximum repayment period 
under the Short-term Loan Guarantee. However, this  is not intended to be used for agricultural 
products, nor has it ever been. The maximum repayment term that has been provided under this Loan Guarantee product for agricultural products was six weeks, for live cattle. 
 G/AG/W/125/Add.2 
 
- 19 - 
 
  6. Annual average repaymen t periods per programme 
 
 2009 2010 2011 2012 2013 
Annual average repayment periods Two 
months Two 
months Two 
months Two 
months Three 
months 
 
7. Export destination or group of destinations per programme 
 The export destinations of the agricultural products listed below was not exclusive to a 
geographical area and spanned Europe, Asia, Nort h America, Pacific, Middle East and Australia. 
 8. Programme use by product or product group 
 
The agricultural products NZECO supported during the period 2009–2013 included: live cattle, fruit, chilled and frozen meat, fish and shellfis h, honey, wool, dairy, pet food, seeds and wine. 
 G/AG/W/125/Add.2 
 
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  Peru 
Peru provides no export credits, export credit guarantees, insurance programmes or any other 
kind of specific financing support, whether in law or in fact, for agricultural exports.  
For reasons of transparency, Peru considers it useful to mention in this questionnaire that 
financing support measures for non traditional exports are described under point 3.2.5 of the Report drawn up by the WTO Secretariat for th e fourth Trade Policy Review of Peru (WTO 
document WT/TPR/S/289/Rev.1, of 7 February 2014). 
 These measures are fully consistent with Peru's trade commitments in the WTO. Mention of these measures and their description below do not prejudge their legal status, effects or nature under 
the GATT 1994, the Agreement on Agriculture or the Agreement on Subsidies and Countervailing 
Measures. Lastly, Peru wishes to highlight the fact that the premiums charged are sufficient to cover the measures' operating costs. 
 
A. Export Credit Insurance Scheme for Small and Medium Sized Enterprises (SEPYMEX) 
 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
This scheme was created to promote and support ex porting SMEs by providing insurance coverage 
as security for pre and post shipment loans taken out with financial institutions. 
 
Relevant legislation:  
• Emergency Decree No.050-2002 establishing the Support Fund for Small and Medium Sized 
Enterprises (Support Fund for SMEs), dated 2 October 2002. 
• Supreme Decree No.171-2002-EF providing for export credit coverage under the Support 
Fund established by Emergency Decree No. 050 2002, dated 10 November 2002. 
• Supreme Decree No.100-2012-EF amending Supreme Decree No.171-2002-EF on export 
credit coverage under the Support Fund established by Emergency Decree No.050-2002, dated 23 June 2012. 
 
2. Description of Export Financing Entity  
The scheme is administered by the Development Fi nance Corporation S.A. (COFIDE), a semi-public 
company with administrative, economic and financial autonomy. COFIDE acts exclusively as a second tier development bank, channelling resources that it administers solely through institutions supervised by the Supervisory Authority for Banks, Insurance and Pension Funds (SBS). 
 
The scheme operates by means of an insurance contract termed SEPYMEX Policy, concluded between Peruvian financing companies wishing to take out insurance and the Credit and 
Guarantees Insurance Company S.A. (Secrex), which operates the scheme. As regards the 
approval of operations, SECREX has full autonomy in issuing insurance policies.  
3. Total value of exports of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programmes and use per programme 
 Not available. 
 
4. Annual average premium rates/fees per programme 
 
The premium is a flat rate of 0.35% for 90 days or a fraction thereof, plus the general sales tax. 
 5. Maximum repayment terms per programme 
 
The scheme insures export operations for preshipment loans granted for a maximum period of 180 days.  G/AG/W/125/Add.2 
 
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  6. Annual average repaymen t periods per programme 
 Not available.  
7. Export destination or group of destinations per programme 
 Not available. 
 
8. Programme use by product or product group  Information not available by product or product group. 
 
General information available at June 2013:  
• 30,634 credit operations since the establishment of the scheme (2002). 
• Total amount of credit guarantees or total amount of financing: USD1,928 million.  
B. Business Guarantee Fund (FOGEM) 
 1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any 
other form of governmental export cr edit support) and relevant legislation 
 The Business Guarantee Fund was created to maintain the normal flow of credit in the Peruvian 
financial system for micro, small and medium sized enterprises involved in export chains for non-
traditional products. It guarantees credit granted by financial system entities to micro and small enterprises engaged in production, services and trade, and to medium sized production and/or 
services enterprises in non-traditional export chains. Specifically, it guarantees the purchase of 
fixed assets, working capital, foreign trade (pre- and post-shipment) operations, and advance payments on invoices.  
Relevant legislation: 
 • Emergency Decree No.024-2009 creating the Business Guarantee Fund (FOGEM) and setting 
out supplementary provisions, dated 19 February 2009. 
• Ministerial Resolution No.159-2009-EF/15 on the Operating Regulations of the Business 
Guarantee Fund (FOGEM), dated 24 March 2009. 
• Ministerial Resolution No.442-2012-EF/15 amending Articles of the Regulations governing 
the Business Guarantee Fund (FOGEM), date 22 June 2012. 
• Emergency Decree No.058-2011 providing emergency and special economic and financial 
measures to maintain and promote the dynamism of the domestic economy, dated 
25 October 2011. 
• Emergency Decree No.016 2012 providing emergency and special economic and financial 
measures to maintain and promote the dynamism of the domestic economy, dated 
25 June 2012. 
• Law No.-30114 on the Government Budget for fiscal year 2014, dated 30 November 2013.  
2. Description of Export Financing Entity 
 The programme is administered on a trust basis by the Development Finance Corporation S.A. (COFIDE), a semi-public company with administra tive, economic and financial autonomy. COFIDE 
acts exclusively as a second tier development bank, channelling resources that it administers 
solely through institutions supervised by the Supervisory Authority for Banks, Insurance and Pension Funds (SBS). 
 
3. Total value of exports of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programmes, and use per programme 
 
Not available.  G/AG/W/125/Add.2 
 
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  4. Annual average premium rates/fees per programme 
 A nominal guarantee fee of 0.25% per annum, calculated on the outstanding balance of each guaranteed loan, is charged. 
 
5. Maximum repayment terms per programme  
The terms of the guarantees may not exceed those of the guaranteed loans.
2 
 To be eligible under the FOGEM, loans may not exceed the following terms:  
a. loans for fixed assets: sixty (60) months, which may include a grace period of up to twelve 
(12) months; 
b. loans for working capital: twenty four (24) months, which may include a grace period of up 
to six (6) months; 
c. pre- and/or post-shipment loans: up to twelve (12) months; d. advance payments on invoices payable from abroad: up to twelve (12) months. 
 
6. Annual average repaymen t periods per programme 
 Not available. 
 
7. Export destination or group of destinations per programme 
 
Not available. 
 8. Programme use by product or product group 
 
Information not available by product or product group.  General information available at June 2013: 
 
• 31,460 applications for registration of guaran tees issued since the creation of the FOGEM 
(2009). 
• Total amount of guaranteed loans or total amount of financing: USD493.5 million. 
 
                                               
2 Except for approved loans and loans pending disbursement within a period not exceeding 
thirty (30) working days from the date of applicatio n for the guarantee, in wh ich case the term of the 
guarantee may exceed the term of the guaranteed  loan by another thir ty (30) working days. G/AG/W/125/Add.2 
 
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  Switzerland 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
The Swiss Export Risk Insurance (SERV) is a "pur e guarantee" export credit agency within the 
above mentioned risk cover category. The relevant legislation for SERV is the Federal Law on 
Swiss Insurance against Export Risks of 15 December 2005.
3 
 2. Description of Export Financing Entity  
SERV covers political and economic risks in connection with the exportation of goods and services. 
The insurance and guarantees of SERV provide pr otection against non-payment, facilitate the 
financing of exports, and help companies to maintain their liquidity. As a public law institution of 
the Swiss Confederation, SERV offers its services in addition to those of private credit insurers 
(subsidiarity). The vast majority of goods for whic h SERV had active policies up to the end of 2013 
were non-agricultural goods. The quantity of agri cultural exports covered by SERV was negligible 
owing to very low demand. No instruments specific to agricultural goods are available. 
 3. Total value of export of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programmes and use per programme 
 
Negligible owing to very low demand. See also the reply to question 2 above.  
4. Annual average premium rates/fees per programme 
 - 
 
5. Maximum repayment terms per programme  The maximum repayment term has not currently exceeded 180 days. 
 
6. Annual average repaymen t periods per programme 
 
- 
 7. Export destination or group of destinations per programme 
 
-  8. Programme use by product or product group 
 
Practically only non-agricultural goods.  
 
                                               
3 See Swiss Confeder ation web page:  
http://www.admin.ch/opc/fr/classified-compilation/20041349/index.html . G/AG/W/125/Add.2 
 
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  Turkey 
1. Description of the programme (classificati on within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export cr edit support) and relevant legislation 
 
Türk Eximbank provides cover for Turkish export ers against commercial and political risks under 
Short Term Export Credit Insurance Programme. Short Term Export Credit Insurance provides 
companies with one-year blanket (whole-turnover) insurance cover for the exports purchased on 
short-term credits. The percentage of cover is up to 90% (unless otherwise is stated in writing) of 
losses due to the political and/or commercial risk s for the shipments to be paid on 360 days at 
maximum. It was initiated in 1989 and the mentio ned programme is conducted by Türk Eximbank 
on the basis of the authority given by the Ca binet on 28 January 2013 by Decree no. 2013/1286, 
following the order of Law No. 3332 (March 1987).  
2. Description of Export Financing Entity 
 Türk Eximbank is a fully state-owned bank acti ng as the Turkish government's major export 
incentive instrument in Turkey's sustainable export  strategy. As Turkey's official export credit 
agency, Türk Eximbank has been mandated to support foreign trade and Turkish contractors/investors operating overseas.  
Türk Eximbank's main objectives are promoting Turkey's exports through diversification of 
exported goods and services by increasing the sh are of Turkish exporters in international trade, 
finding new markets for traditional and non-traditional export goods and providing exporters and 
overseas contractors with support to increase their competitiveness and to ensure a risk-free 
environment in international markets. As a means of aiding export development, Türk Eximbank offers specialized financial services through a variety of credit, insurance and guarantee programs. 
 
3. Total value of export of agricultural pr oducts covered by export credits, export 
credit guarantees or insurance programmes and use per programme 
 
 Export volume of agricultural products 
insured under Short Term Export Credit 
Insurance Programme 
 1989-2014 (as of the end of February)   
4,044,802,799 USD 
 4. Annual average premium rates/fees per programme: 0.37% 
 
5. Maximum repayment terms per programme: 360 
 6. Annual average repayment periods per programme: 31-120 days 
 
7. Export destination or group of destinations per programme 
 
 EU countries ● Africa  
 North and Central America ● Central and West Asia 
 Japan and Oceania ● Middle East and North Africa 
 Europe other than EU countries ● Far East 
 South America 
 
8. Programme use by product or product group  
 
 Textiles, ready to wear, leather 
 Machinery, electrical appliances, metal products 
 Chemical industry, plas tic and rubber products 
 Food, agriculture, livestock products 
 Mining 
 Motor vehicles G/AG/W/125/Add.2 
 
- 25 - 
 
  United States of America 
Export Credit Guarantee Programme (GSM-102) 
 The Food, Conservation, and Energy Act of 2008 an d the Agricultural Act of 2014 made substantial 
changes to the GSM-102 program. As a result of  these legislative changes, risk-based fees 
charged for the GSM-102 program must cover the operating costs and losses of the programme over the long-term, and the maximum tenor available under the programme has been reduced 
from three to two years. 
 Description of the GSM-102 programme  
The US Department of Agriculture's (USDA) GS M-102 programme provides credit guarantees to 
assist in the financing of commercial exports of US agricultural products. The GSM-102 programme  
guarantees credit extended by the private banking sector in the United States (or, less commonly, 
by the US exporter) to approved foreign banks using dollar-denominated, irrevocable letters of 
credit for purchases of US food and agricultural  products by foreign buyers. The terms of the 
commercial financing extended must be consistent with the credit guarantee but are not otherwise 
dictated under the programme. USDA's Foreign Agricultural Service (FAS) administers the 
programme on behalf of the Commodity Credit  Corporation (CCC), which issues the credit 
guarantees. GSM-102 covers credit terms of up  to two years; maximum terms may vary by 
country. CCC guarantees payments due from approved foreign banks to exporters or financial 
institutions in the United States. However, the financing must be obtained through normal 
commercial sources. Typically, 98% of principal and a portion of interest are covered by a guarantee. 
 
Classification: The GSM-102 program is a "risk cover" programme.  
Relevant legislation: The Agricultural Trade Act of 1978, as amended (7 U.S.C. 5622 and 7 U.S.C. 
5641).  More information regarding the GSM-102 programme can be found at 
http://www.fas.usda.gov/excredits/ecgp.asp . 
 
Description of Export Financing Entity 
 
The Commodity Credit Corporation (CCC) is a gove rnment-owned and operat ed entity within the 
USDA. CCC was created to stabilize, support, and protect farm income and prices. CCC also helps 
maintain balanced and adequate supplies of agricultural commodities and aids in their orderly 
distribution.  Total value of exports of agricultural products covered by the GSM-102 programme 
(2000-2013) 
 
Fiscal Year Annual Value of Exports  
(in US dollars) 
2000 2,952,196,021 
2001 2,923,634,542 
2002 2,935,688,581 
2003 2,532,394,178 
2004 2,759,755,094 
2005 2,184,555,615 
2006 1,320,410,691 
2007 1,457,203,808 
2008 3,090,430,120 
2009 5,204,877,819 
2010 2,916,075,187 
2011 4,060,624,195 
2012 4,114,626,170 
2013 3,059,195,660 
 G/AG/W/125/Add.2 
 
- 26 - 
 
  Annual average premium ra tes/fees per programme 
 The current average fee for the GSM-102 program is $1.34 per $100 of guarantee coverage.  
Maximum repayment terms per programme 
The maximum repayment term for the GSM-102 programme is 24 months.  
Annual average repayment periods per programme 
 The current average repayment period for the GSM-102 programme is 23 months.  
Export destination or group of destinations per programme 
 GSM-102 programme usage by country or region of destination for US Fiscal Year 2013 
 
Export Destinations 
for US Fiscal Year 2013 Annual Value of Exports 
(in US dollars) 
Africa Middle East Region 258,705,650 
Caribbean Region 130,351,682 
Central America Region 321,827,013 
Central Asia Region 3,197,700 
Korea, South 313,382,348 
Mexico 485,543,000 
Russian Federation 95,772,405 
South America Region 524,999,092 
Southeast Asia Region 132,509,808 
Turkey 751,923,394 
Viet Nam 40,983,568 
Total 3,059,195,660 
 
Programme use by product or product group 
 
The GSM-102 programme usage by commodity for US Fiscal Year 2013  
US Fiscal Year 2013 
by Commodity Groups Annual Value of Exports 
(in US dollars) 
Coarse grains 325,862,611 
Cotton 299,120,375 
Fruit 1,862,985 
Live animals 77,752,965 
Oilcakes 554,419,391 
Oilseeds 540,095,147 
Pigmeat 19,380,150 
Poultry Meat 49,469,805 
Rice 190,056,684 
Vegetable oil 55,972,493 
Wheat and wheat flour 805,091,856 
Other* 140,111,198 
Total 3,059,195,660 
* "Other" includes corn gluten meal, hides, distilled dr y grains, tallow, 
dry peas, and walnuts. 
 
Data for US Fiscal Years 2000-2012 may be found in the Background Paper by the Secretariat on 
Export Competition (TN/AG/S/27) from 2013. This current report reflects only those products included under the WTO Agreement on Agriculture. US Fiscal Year 2013 runs from 
1 October 2012–30 September 2013. G/AG/W/125/Add.2 
 
- 27 - 
 
  Viet Nam 
1. Description of the programm e (classification within the following categories: direct 
financing support, risk cover, government to government credit agreements or any other form of governmental export credit  support) and relevant legislation 
2. Description of Export Financing Entity 
3. Total value of export of agricultural produc ts covered by export credits, export credit 
guarantees or insurance programmes and use per programme 
4. Annual average premium rates/fees per programme 
5. Maximum repayment terms per programme 6. Annual average repaymen t periods per programme 
7. Export destination or group of destinations per programme 
8. Programme use by product or product group 
 As TPR 2013: 
 
"3.69. In 1998, Viet Nam introduced interest rate support, export bonuses, support to vegetables and fruit, and payments to ente rprises exporting rice, pork, and coffee to 
compensate for their losses. The agricultural export subsidies were covered by direct 
transfers from the State budget. However, as Viet Nam joined the WTO with a commitment not to maintain agricultural export subsidies from the date of accession, these types of direct payments were disco ntinued and support was shifted to general 
trade promotion activities. 
3.70. The Viet Nam Development Bank (VDB), established under Prime Minister's 
Decision No. 108/2006/QD-TTg of 19 May 2006, provides export credits, investment 
credit guarantees, and export project perf ormance security. The average outstanding 
volume of its export credits amounted to ₫16.15 trillion in 2010, while the interest 
paid by its export credit borrowers exceeded ₫1 trillion. Further to Circular 
No. 18/2010/TT-NHNN, interest rate support (4 percentage points) is available to 
clients contracting medium- and long-term loans with the VDB. The bank estimates that the total interest rate support on such loans exceeded ₫97 billion in 2010, of 
which the subsidized interest on export credits accounted for nearly ₫65 billion. 
3.71. No export guarantee schemes are operated by the Government or a government 
agency. Export credits guaranteed by banks, whether Vietnamese credit institutions or foreign bank branches, are governed by Circular No. 28/2012/TT-NHNN of 
3 October 2012." 
And: 
"3.81. In addition to export credits and guarantees, the VDB implements state policies 
with respect to the financing of investments, post-investment assistance, and 
investment credit guarantees. During 2010, the VDB signed post-investment assistance contracts for 23 projects with a total subsidy of ₫57.9 billion. The bank may 
issue guarantees for debt contracted by SMEs with commercial banks. In 2010, the 
VDB approved 428 applications for SME credit guarantees totalling ₫2,711 billion. 
Loans guaranteed by the VDB totalled ₫4,300 billion at the end of 2010. 
3.82. Enterprises and individuals that contract medium- and long-term loans with the 
VDB are entitled to a subsidized rate of interest under a programme implemented in 
accordance with Circular No. 18/2010/TT-NHNN. The interest subsidy exceeded ₫97 billion in 2010 for outstanding loans totalling ₫5 trillion. Interest support for 
medium- and long-term bank financing of production and business development 
generally was established through Prime Minister's Decision No. 443/QD-TTg of 4 April 2009, supplemented by a State Bank ci rcular detailing the implementation of 
this decision." 
The Government has also issued decisions specifically concerning subsidized credit for the 
acquisition of agricultural machinery and the construction of dwellings in rural areas. Two additional prime minister decisions concern the provision of credit to commercial traders operating 
in disadvantaged areas and the interest support to be granted to medium- and long-term dong-
denominated loans.  G/AG/W/125/Add.2 
 
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   Investment credit and export credit of the State: Following the Decree 75/2011/ND-CP 
30/8/2011: 
 Scope and adjusting object 
 
1. Scope of the Decree, including:  
a. Investment credit, including: investment loans and investment support later. 
b. Export credits include export loans (for  exporters and importers of foreign loans). 
 2. Regulation objects, including: 
 
a. The enterprises, economic organizations, business units with revenues on the list of 
projects investment credit loans (hereinafter referred to as the investor); 
b. The enterprises, economic organizations in countries with export contracts or foreign 
organizations to import goods from Vietnam on the list of export credit loans; 
c. The Vietnam Development Bank and other organizations and individuals involved in the 
process of implementing the investment credit and export credit. 
 Principles of investment credits, export credit  
1. Loans investment projects, export contracts, contracts for import of goods produced by 
Viet Nam, has withdrawn funds directly , effectively and repayment ability. 
2. Investment projects, export contracts, contract loans to import the Development Bank of 
Viet Nam evaluating financial plans, debt repayment plans. 
3. Investors, exporters, importers of foreign loans to loans used for the right purpose; repayment of principal and interest in full and on time according to the signed credit agreement; full 
implementation of the commitments in the contract and the provisions of this Decree. 
4. The list of projects eligible for investment credit and catalog items of export credit loans by government regulations.  
 Release by Decree 54/2013/ND-CP dated 22/5/2013 of investment credit and export credit 
of the State: 
 
The exporters have export contracts and foreign importers importing goods contracts under the list 
of commodities for export credit loans are the loans for the contract (Ministry of Finance, the State Bank of Viet Nam). 
 
Loan Conditions:  Export contracts or contracts for businesses selling seafood export seafood processing; 
 
There are plans for aquaculture for export is effectively the Viet Nam Development Bank appraisal and loan approval; Have the legal capacity and capacity for civil; 
 
Enterprises must fully implement the provisions of the loan guarantee under the provisions of 
existing laws, to purchase property insurance in an insurance business lawfully operating in 
Viet Nam for the property formed from loans subj ect to compulsory insurance during the term of 
the loan;  Enterprises have to perform accounting, financial reporting in accordance with law; annual 
financial statements must be audited by an agency, an independent audit. 
  
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