Israeli Credit Insurance Company: exporters have $275 million in debts

ICIC noted that the high-tech and telecommunications industry had the largest bad debt, at $80 million; followed by the chemicals industry with $45 million
 
Israeli Credit Insurance Company Ltd. (ICIC) reported last week that Israeli exporters had a total of $275 million in debts, more than 30 days in arrears, at the end of September 2007.
 
ICIC noted that the high-tech and telecommunications industry had the largest bad debt, at $80 million; followed by the chemicals industry with $45 million; and the rubber and plastics industry, with $40 million.
 
The debts, according to the ICIC, are considered difficult to collect because of geographic distance between the exporters and their foreign customers.
 
Israeli Credit is seeking the assistance of one of its controlling shareholders, Allianz SE subsidiary Euler Hermes, to help collect these debts.                                                              
Mr. David Milgrom Managing Director of the Israeli Credit Insurance Co.noted that the experience gained by Euler Hermes in debt collection is an asset to the Israeli export community.