[China Glass Network] On the 25th, Huang Shengwei, chairman of Yiwu Xiangsheng Stationery Co., Ltd., received a $22.5 million payment notice from the staff of China Export Credit Insurance Corporation Yiwu Marketing Service. It took less than a week from the buyer’s confirmation of the arrears to the payment of the notice. This is also the first case of CITIC Insurance's export insurance against Japan in Yiwu.
"I didn't expect the payout time to be so fast." Huang Shengwei told reporters that what he did not expect was that his Japanese customer would suddenly go bankrupt.
Huang Shengwei introduced that they have cooperated with the Japanese buyer for many years. The buyer has a good reputation before, the payment is timely and the business situation has been good. However, since the buyer obtained bank loans in Japan by means of “mutual guarantee†with other companies, the “mutual insurance†party had problems in its operation, and with the impact of the Japanese earthquake, its financing bank suddenly had two The Japanese company had forced liquidation, which caused the buyer to go bankrupt.
Huang Shengwei said that his company has established a very complete domestic and international sales network, and the case has little impact on the company's overall sales. "Initiating export credit insurance at the beginning was only for the needs of sound enterprise management, and to open up overseas markets on the basis of controlling risks. Now, fortunately, after taking this step, it will lose money. The company plans to sell domestically next. Insured."
“The risk of old buyers cannot be ignored, especially in the case that the impact of the Japanese earthquake has not yet passed, the buyer’s ability to pay determines the credit level of the buyer.†Deputy General Manager of Yiwu Marketing Service Department of China Export Credit Insurance Corporation Shi Wei told reporters that more than 95% of the claims received are old buyers or large buyers who have cooperated for more than one year, including many foreign buyers who have cooperated for more than 10 years.
It is understood that since March, Yiwu’s export credit insurance losses and reported losses have increased by more than 400% compared with the same period of last year, which is related to the current complex international political and economic situation. CITIC Baoyiwu Marketing Service Company received reports of not only traditional trading countries such as Japan, the United States, Germany, and the United Kingdom, but also Egypt and Libya, which have recently experienced unrest.
The reporter learned from CITIC Insurance, Yiwu Foreign Trade and Economic Cooperation Bureau and some foreign trade companies yesterday that at present, raising awareness of risk prevention is particularly important for export enterprises, and cannot ignore the payment situation of old buyers. According to incomplete statistics, among the top 50 enterprises in Yiwu's self-operated export, 60% of enterprises have already insured export credit insurance.
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