Coface Asia Corporate Payment Survey 2024: Overall improvement but worsening payment behaviour in textile and

Asia Pacific (APAC) saw an improvement in economic conditions in 2023, thanks to the reopening of China's borders and its abandonment of zero-covid policies, as well as lower inflation and a slower rate of restriction of monetary policies globally. Consequently, almost half of our respondents (49%) signaled improved business activity compared to 2022, while only 20% signaled a deterioration.

 

Looking forward, we forecast economic growth in APAC to maintain at over 4% in 2024. This is consistent with our respondents' anticipations, as 56% expect their business activity to improve in 2024 with India and Thailand the most optimistic economies. Sector-wise, Retail, and textile had the highest share of respondents anticipating a worsening of business activity, while confidence in the year's business activity was the greatest for wood, automotive, pharmaceutical, and agrifood.

 

Companies still reported several risks that could hurt their operations in 2024. Nearly half of respondents cited slowing demand and over-competitive pressures, and nearly a third highlighted higher prices for inputs and raw materials and higher labour costs as a key operational risk.

 

COFACE: FOR TRADE

With over 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance & risk management, and a recognized provider of Factoring, Debt Collection, Single Risk insurance, Bonding, and Information Services. Coface's experts work to the beat of the global economy, helping ~50,000 clients in 100 countries build successful, growing, and dynamic businesses. With Coface's insight and advice, these companies can make informed decisions. The Group' solutions strengthen their ability to sell by providing them with reliable information on their commercial partners and protecting them against non-payment risks, both domestically and for export. In 2022, Coface employed ~4,720 people and registered a turnover of €1.81 billion.

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