Companies across Asia Pacific continue to wait an average of 79 days to receive payment for goods and services delivered, against the backdrop of elevated financing costs, according to a new study by Aon plc.
The Working Capital Benchmarking Report APAC 2026 study analysed the working capital performance of 3,805 publicly listed companies across 14 markets and 21 industries in Asia Pacific using audited financial data.
The report found that average days receivable across the region remained unchanged at 79 days in 2025 compared with 2024, although performance varied significantly across countries and sectors.
Days receivable measures the average time it takes for a business to collect payment after delivering goods or services. Longer collection periods can tie up cash and reduce financial flexibility needed to support growth, investment and day-to-day operations.
According to the report, China recorded the longest average days receivable at 99 days, followed by Hong Kong at 76 days and Singapore at 73 days. Meanwhile, New Zealand recorded the shortest collection cycle at 41 days, followed by Vietnam at 45 days and Australia at 48 days.
India recorded the most significant improvement year-on-year, reducing days receivable by eight days to 56 days. The Philippines also saw a notable improvement, reducing collection times by seven days to 49 days. In contrast, Thailand recorded the largest deterioration, increasing by four days to 53 days, while Hong Kong increased by three days to 76 days.
“As financing costs remain elevated, many CFOs and treasurers are increasingly focused on unlocking liquidity already within their businesses,” said Steve Taylor, Deputy Global and Asia Head of Credit Solutions, Aon. “Understanding working capital performance relative to peers can help organisations identify opportunities to improve financial flexibility, support growth and strengthen access to capital through solutions such as credit insurance and credit insurance-backed financing.”
Industry-wise, Hospitality recorded the shortest average days receivable at 28 days, followed by retail (29 days) and non-retail food (38 days). By comparison, engineering and construction recorded the longest collection cycle at 143 days, followed by electrical products (109 days) and pharmaceuticals (96 days).
Transportation and logistics recorded the largest deterioration in working capital performance over the past year, with days receivable increasing by four days, while semiconductors deteriorated by three days. Working capital performance of chemicals and electrical products improved by two days each. Over a five-year period, engineering and construction experienced the largest deterioration, increasing by 19 days, while hospitality and motor vehicles recorded the strongest improvements.
“Even within the same sector, businesses can have very different working capital outcomes,” said Ankit Tambe, Head of Trade Credit, Credit Solutions, Asia, Aon. “Benchmarking against peers can help organisations identify opportunities to improve liquidity, support investment and enhance financial resilience.”
