B2B payment practices trend, Singapore 2023

Payment Practices Barometer

  • Singapore
  • Chemicals/Pharma,
  • Steel,
  • Metals,
  • Electronics/ICT

B2B sales on credit dropped sharply among Singapore companies during the past 12 months. It highlights the severe challenges facing the Asian economy.

The 2023 Payment Practices Barometer survey for Singapore was conducted between the end of Q2 and the beginning of Q3 2023, and findings should therefore be viewed with this in mind.

Key takeaways from the report for Singapore 

Downbeat exports outlook poses challenge for B2B trading on credit

  • The crucial finding of our survey is that B2B sales on credit dropped sharply among Singapore companies during the past 12 months. Transactions on credit now average just 32% of all B2B invoiced sales, compared to 52% last year. This significant decrease was particularly evident in the electronics/ICT sector. 
  • A slight relaxation of payment terms was offered to B2B customers by companies polled in Singapore. These terms currently average 36 days from invoicing, three days longer
    than last year. This trend was driven mostly by medium to large electronics/ICT  distributors to counter a decline in trade and enhance their competitiveness in a challenging market landscape.

Bright outlook despite concern over volatile interest rates

  • The vast majority of Singapore companies expressed optimism about prospects for the year ahead despite persistently challenging external conditions affecting the local  economy. A remarkable 92% of businesses polled said they expect an increase in demand for their products and services, a positive mood found across all sectors of the market. There was a little more caution reported about profit margins, but 67% of companies  anticipate growth in profitability during the coming months. The least positive about a rise in profits are businesses in the electronics and ICT sectors.
  • A mixed sentiment was found in our survey about the outlook for both Days-Sales-Outstanding (DSO) and B2B payment behaviour among businesses in Singapore. 52% of
    companies said they believe there will be an improvement in DSO during the months ahead, a reflection of their proactive and forward-thinking approach to strategic credit

The Atradius Payment Practices Barometer is an annual survey of business-to-business (B2B) payment practices in markets across the world. Its findings can give valuable insights into the current dynamics of corporate payment behaviour in B2B trade. It can also help companies doing business, or planning to do so, in the markets polled to identify emerging future trends in the payment practices of B2B customers. 

Interested in finding out more?

For a complete overview of the 2023 survey results for Singapore, please download the full report available in the related documents section below. The Statistical Appendix to the regional report is also available for download in the section below.

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