Overseas Accounts Receivable Totals KRW5.36tn
People Power Party lawmaker Yang Kum-hee remarked on Oct. 13 that the Korea Trade Insurance Corp.’s overseas accounts receivable totaled 5.3622 trillion won at the end of July, including 1.54 trillion won that is uncollectible due to overseas business closure or the like.
The corporation pays its money to a domestic exporter and then collects it from its business counterpart when the exporter fails to receive its export proceeds from the counterpart. The corporation no longer collects the money in the event of bankruptcy or closure that makes the collection pointless.
According to the lawmaker, the uncollected export proceeds amount to 501.4 billion won in the United States, followed by Poland (174.7 billion won), Russia (150.5 billion won), China (103.8 billion won), Brazil (95.4 billion won), Hong Kong (86.2 billion won) and Japan (72.3 billion won). The non-collection was found in no less than 151 countries.
As of the end of July, the receivables outstanding in Bermuda were 224.7 billion won, followed by Brazil (154.9 billion won), the UAE (121.4 billion won), the United States (104.1 billion won), Pakistan (996 billion won), Hungary (85.9 billion won) and China (82 billion won).
In Tanzania, the receivables outstanding and cumulative collection were 14.3 billion won and 1.5 percent, respectively. Those were 13.8 billion won and 2.6 percent in Ghana, 30.6 billion won and 4.2 percent in Lebanon and 66 billion won and 4.3 percent in Cuba.