NOTE 5 — TRADE ACCOUNTS RECEIVABLE


	2019	2018
Trade accounts receivable - in Brazil	1,193,971	1,056,625
Trade accounts receivable - exports from Brazil	117,274	373,593
Trade accounts receivable - outside of Brazil	1,459,204	1,929,595
(-) Impairment loss on trade receivables	(98,079)	(158,157)
	2,672,370	3,201,656

Accounts receivable by aging are as follows:


	2019	2018
Current	2,226,121	2,362,408
Past-due:
Up to 30 days	381,999	792,569
From 31 to 60 days	58,972	63,294
From 61 to 90 days	30,202	10,133
From 91 to 180 days	15,384	22,261
From 181 to 360 days	16,739	26,003
Above 360 days	41,032	83,145
(-) Impairment on financial assets	(98,079)	(158,157)
	2,672,370	3,201,656

The Company's maximum exposure to credit risk, net of impairment on financial assets, is the amount of accounts receivable. The impairment on financial assets net of recoveries recognized for the years ended on December 31, 2019 and 2018 represents 0,05% and 0,02% on net sales, respectively. The credit quality of accounts receivable to maturity is considered adequate, and the amount of the effective risk of expected loss on accounts receivable from customers is presented as impairment on financial assets.

The changes in the impairment on financial assets are as follows:


Balance as of January 1, 2017		(199,306)
Impairment on financial assets during the year		(98,476)
Recoveries in the year		80,134
Write-offs		73,591
Loss of control by joint venture creation		1,487
Assets held for sale		11,207
Exchange variation		(276)
Balance as of December 31, 2017		(131,639)
Effects of IFRS 9 adoption		(48,063)
Adjusted balance as of January 1, 2018		(179,702)
Impairment on financial assets during the year		(111,900)
Recoveries in the year		101,986
Write-offs		39,943
Exchange variation		(5,136)
Assets held for sale		(3,348)
Balance as of December 31, 2018		(158,157)
Impairment on financial assets during the year		(81,243)
Recoveries in the year		60,199
Write-offs		78,635
Exchange variation		2,487
Balance as of December 31, 2019		(98,079)