2025年亚洲支付调查：企业预计在经济不确定性下支付行为将恶化

PAYMENT SURVEY Asia Payment Survey 2025:Companiesexpect payment behaviours to worsenamid economic uncertainty The average payment delay was 65 days, unchangedfrom 2023, as longer overdues in Thailand and Chinawere offset by decreases in six economies, notablyAustralia and India. By sectors, six reported an increaseand another six a decrease. Automotive and Transport Economic growth in Asia Pacific slowed in2024 as the momentum from the post-Covidnormalisation faded and demand weakened.The recovery in global trade volume fromthe decline in 2023 was mild. The slowdownin inflation continued, but costs remained sales revenue became harder to earn, prompting manyfirms to prioritise cost management.Coface’s 2025 Asia Payment survey showed creditconditions remained tighter in 2024 compared to before2023. Payment terms rose from 64 days in 2023 to 65but below the five-year average of 69 days in 2018-2022.There was variation across the nine economies surveyed,but Thailand stood out with a significant extension ofcredit period, as Thai companies tried to accommodatetheir customers’ liquidity woes. Many other marketsincreased their payment terms; only Australia, Singapore, But there was a concerning trend - the share ofcompanies repor ting Ultra Long Payment Delays(ULPDs, over 180 days) exceeding 2% of annual turnoverrose to a new high at 4 0% , up from 2 3% in 202 3 ,indicating a sharp deterioration in credit risk. In Coface’sexperience, 80% of these delays were irrecoverable. India Looking ahead, the majority of respondents (57%)anticipated deteriorating payment behaviour as morecompanies projected a deterioration in business activitycompared to last year’s survey (33% vs. 14%). Slowerdemand, excessive competitive pressures, and rising Despite tight credit terms , the share of companiesreporting overdues fell from 60% in 2023 to a record lowat 49%. Longer payment terms in most markets providedmore time for companies to settle payments and avoidoverdues. Only Thailand and Taiwan experienced anincrease in companies reporting overdues. Meanwhile, The survey was conducted between December 2024and March 2025, covering over 2,400 companies fromnine markets in the Asia Pacific and across thirteen JUNYU TANEconomist North BERNARD AWChief Economist NOURICHATILLON PAYMENT TERMS1:PAYMENT TERMS STILL TIGHTAND MAY TIGHTEN AHEAD •In 2024,nearly four out of five Asian companies(78%) were willing to offer credit sales,consistent with longer-term average(79%),even if it was lower than the record high of 84%in 2023. The decline was driven by China (-14percentage points ppt vs 2023), India (-9 ppt) and •Market practices (31%), market competition(28%) and customers’ lack of liquidity (19%) werecommon reasons cited for offering paymentterms. While third-ranked, liquidity crunch was •The duration of payment terms rose marginallyfrom 64 days in 2023 to 65 days, but remainedlower than previous years (Chart 1).Notably, theproportion of businesses offering longer payment •Most markets relaxed credit conditions (Chart2), with a substantial 17-day increase in paymentterms in Thailand.Notable increases were alsoreported in China (+6), India (+5) and Malaysia (+4).Meanwhile, payment terms declined in Taiwan(-2 days), Singapore (-1), and Australia (-1). Chinajoined Taiwan as the market with the longest •Ten of the 13 sectors lengthened their paymentterms with a notable 18-day increase inAutomotive and 14 in Transport (Chart 3).Creditconditions loosened in Textile (+9 days), Chemicals(+8), Wood (+8). Payment terms declined only inMetals (-3 days) and ICT (-1), and unchanged in Strong competition in the auto market prompteddealers to be more flexible in granting credit andto use it as a competitive tool. •Looking ahead, over two-thirds of companies(69%) expect shorter payment terms. Onlyin Thailand that more companies expect PAYMENT DELAYS2:LONGER OVERDUES IN THAILAND AND CHINA •Fewer companies reported overdues,with theshare of respondents falling from 60% in 2023to 49% in 2024(Chart 4), the lowest level sinceCoface started the survey in 2016. This was mainlydriven by fewer firms in India (-29 ppts vs 2023),China (-18 ppts), Malaysia (-5 ppts) and Australia(-6 ppts) reporting overdues, which could beconnected to a lengthening of credit period •Tighter payment terms in Singapore and Australiadid not lead to more overdues, on the contrary,less payment delays were reported (respectively Australia (-15) and India (-11).Thailand overtookAustralia to have the longest payment delay(78 days) in 2024,followed by Hong Kong(74). Meanwhile, Japan and Taiwan remain the Thailand, where late payments rose sharply(+6 ppts), in spite of a generous lengthening in payment terms. Thai f inancial conditionsremained tightened, with local banks imposing •Sector-wise, only Transport and Automobilereported higher payment delays(respectively+2% and +1% vs 2023). Meanwhile, all other sectorsreported less overdue with the most notabledeclines in ICT