A shipping container is loaded onto a vessel at the Port Authority of Thailand in Bangkok.
Export-Import (Exim) Bank of Thailand advocates the use of export credit insurance to safeguard against non-payment risks from overseas buyers, says first vice-president Apinut Chatusripitak.
Operating an export credit insurance business for 27 years, the bank has recorded accumulated export insurance turnover of 1.82 trillion baht and total insurance claim payments of 1.4 billion baht, with payment default by 263 foreign buyers.
“Some 70-80% of the 263 buyers who defaulted traded with Thai exporters for more than five years,” said Mr Apinut.
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