Increasing payment delays for exporters in the BRIC-states
OeKB Versicherung: “Consumers from Russia, Turkey and India let Austrian exporters wait for their money the most often“
On August 18, the insurance company OeKB Versicherung published the most important export countries, where payments to the customers are not settled the most often. Russia is ranked on top of the countries with the longest payment delays, followed by Turkey and India. At the end of
Q2 the figures were compared year-on-year.
In 75 per cent of the cases, a delay was the precursor of a loss and therefore an important figure, according to the credit insurance. The remaining quarter is due to the insolvency of customers. “If our policyholders report increasing delays, this is an important indicator for the future development for us. It is precisely in these countries, where the damage will rise,” says Karolina Offterdinger, CEO of OeKB Versicherung.
During the crisis, emerging markets ensured an upturn in the global economy. Policyholders of OeKB Versicherung continue to benefit from the boom of bygone days. Therefore, the damage caused by bad debts are still at a low level. However, today exporters report increasing payment delays in all BRIC countries. This will also affect the damages of the coming months.
Source: oevz.com