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TRADE AND OTHER RECEIVABLES | 12 Months Ended
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Dec. 31, 2023
Trade and other receivables [abstract] |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES
| As of December 31,
| 2023 |  | 2022
| US$’000 |  | US$’000
Trade receivables | 106,333 |  |  | 83,319 |
Less: Loss allowances | (1,378) |  |  | (1,337) |
Trade receivable, net | 104,955 |  |  | 81,982 |
Other receivables | 1,670 |  |  | 2,397 |
Less: Loss allowances | — |  |  | — |
Other receivable, net | 1,670 |  |  | 2,397 |
As of December 31, 2023 and 2022, trade receivables were all from contracts with customers. And as of January 1, 2022, the balance of trade receivables from contracts with customers was $103,564. 12(a) Movement in the loss allowance on trade receivables
| 2023 |  | 2022
| US$’000 |  | US$’000
At January 1 | 1,337 |  |  | 841 |
Charge for the year | 97 |  |  | 712 |
Write-off | (55) |  |  | (171) |
Unused amounts reversed | (22) |  |  | (204) |
Currency translation adjustment | 21 |  |  | (2) |
Reclassification | — |  |  | 161 |
At December 31 | 1,378 |  |  | 1,337 |
12(b) Aging analysis of trade receivables
|  |  |  |  |  |  | Past due
| Total |  | Current |  | 1-30 days |  | 31-60 days |  | 61-90 days |  | 91-120 days |  | >120 days
| US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000 |  | US$’000
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected loss rate | 1.30% |  | 0.06% |  | 0.47% |  | 2.09% |  | 3.43% |  | 4.76% |  | 75.74%
Gross carrying amount - trade receivables |  | 106,333 |  |  |  | 88,601 |  |  |  | 11,648 |  |  |  | 2,819 |  |  |  | 1,080 |  |  |  | 672 |  |  |  | 1,513 |
Loss allowances |  | 1,378 |  |  |  | 49 |  |  |  | 55 |  |  |  | 59 |  |  |  | 37 |  |  |  | 32 |  |  |  | 1,146 |
Trade receivable, net |  | 104,955 |  |  |  | 88,552 |  |  |  | 11,593 |  |  |  | 2,760 |  |  |  | 1,043 |  |  |  | 640 |  |  |  | 367 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected loss rate | 1.60% |  | 0.09% |  | 1.00% |  | 2.40% |  | 10.74% |  | 37.04% |  | 98.35%
Gross carrying amount - trade receivables |  | 83,319 |  |  |  | 69,607 |  |  |  | 10,166 |  |  |  | 2,127 |  |  |  | 298 |  |  |  | 27 |  |  |  | 1,094 |
Loss allowances |  | 1,337 |  |  |  | 66 |  |  |  | 102 |  |  |  | 51 |  |  |  | 32 |  |  |  | 10 |  |  |  | 1,076 |
Trade receivable, net |  | 81,982 |  |  |  | 69,541 |  |  |  | 10,064 |  |  |  | 2,076 |  |  |  | 266 |  |  |  | 17 |  |  |  | 18 |
12(c) Accounting policy for impairment of trade receivables Our Company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on our Company’s historical credit loss experience, adjusted to reflect current and forward-looking information on general economic conditions affecting the ability of the customers to settle the receivables. See Note 27(b) credit risk of trade receivables for discussions on how our Company manages and measures credit quality of trade receivables that are neither past due nor impaired. 12(d) Other receivables pledged as collateral The carrying amounts of other receivables pledged as collateral against credit facilities received from financial institutions are disclosed in Note 27(e)(ii).

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