Home / Knowledge / News / Apparel/Garments / Exporters face high payment default risks
Exporters face high payment default risks
20
Feb '09
The economic turmoil has unleashed a financial crisis which cannot be compared with any other situation in the past, other than the economic depression of the 1930's. Other than creating recession in global markets, liquidity in major markets has dried up, which is aggravating the impact of the recession.

Exporters from major countries, including China are bearing the full brunt of the liquidity crunch in global markets. This has led to delay in payments or cargoes being not off loaded as the importer is not in position to release the goods, which is also creating a logjam at major ports, with demurrage charges being borne by the exporter.

The Shaoxing Customs authorities are advising companies involved in foreign trade to be careful and first take a confirmation from the buyer before shipping the goods and in case it is still not released by the buyer, the consignment should be brought back immediately to avoid demurrage charges or even face auction by the customs of their goods.

A few days ago, a consignment of clothing worth US $200,000 was dispatched from the Shaoxing port to a Russian buyer on receipt of $30,000 in advance. But the merchant due to financial reasons has not released the consignment, due to which the exporter is bearing the high demurrage charges at the Russian port, revealed the customs.

According to estimates, 200 containers dispatched from the province of Shaoxing are still lying unclaimed in different Russian ports and if the number of unclaimed container figures from the whole country was to be considered it would tot up to a very high figure for Russia.


Fibre2fashion News Desk - China

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search