2025年拉丁美洲企业支付调查：付款期限延长和延迟增加

PAYMENT SURVEY Latin America Corporate Payment Survey 2025Extended payment terms and more frequent delays currencies, after the depreciation observed in 2024. Thiscould contribute to ease the path (due to lower inflationarypressure on imported goods) for interest rates cuts in theregion. While in countries like Chile and Peru there is littleroom for further cuts (with rates approaching their neutral Brazil, Chile, Colombia, Ecuador, and Peru.Latin American companies face an economic environmentstill marked by challenges. Coface forecasts the region’sGDP growth to keep a modest pace in 2025 – 2026 period(expanding by 2.1% and 2.2% in 2025 and 2026, respectively,after 2.2% in 2024). The lackluster economic momentumcan be attributed to a gentle growth in global activity(including a gradual deceleration in the main market forexports: the US and China) and its side effect on commodityprices. The more protectionist trade policy of the UnitedStates represents a source of uncertainty for the region´sexports. While Latin America faces relatively lower tariffsthan others, there are exceptions. Brazil, for instance, has Amid this economic environment, companies haveextended their payment terms, with the average creditperiod increasing from 53 in 2024 to 59 days in 2025 —potentially indicating a need to offer longer terms tosupport sales continuity. As for payment delays, 77% offirms reported that they were facing overdue. This resultrepresents a strong increase compared to 2024, up from51% in 2024. The ratio exceeded 77% in Argentina, Brazil,and Ecuador and across seven sectors (automotive,retail, construction, pharmaceuticals, wood, paper andchemicals). Nonetheless, while delays increased in termsof frequency, they became, on average, shorter.The PATRICIA KRAUSEEconomist, Latin America Among the Latin American companies wesurveyed, 86% offered payment terms to theircustomers in 2025, slightly down from 88% in2024. Market practice remained the main reasonfor doing so. Although the credit period is generallyshort — with 83% of companies offering terms ofup to 90 days (Chart 1), this marks a looseningcompared to 2024, when 90% fell within that range. in 2025 (46%) versus 2024 (43%). However, the risein the average credit term was mainly underpinnedby a lower share of companies offering 0–30-dayterms and a higher share in the 91-120-days range. The timeframe 31 to 60 days was the most commonthroughout Brazil, Colombia, Ecuador and Peru 1and among national and multinational companiesof all sizes. In terms of sectors, it was also the mostcommon payment timeframe in 10 out of 13 sectors.The main exceptions were textiles and wood and in In a sectoral split, the most restrictive sector(with most sales on short payment terms of upto 30 days) was transport (38%), with the averagepayment term being 34 days (Charts 2 and 3).Conversely, the most generous sectors offeringlong average payment terms include wood (50%with credit periods of over 90 days), textile (38%)and pharmaceuticals (30%). Only two out ofthirteen sectors — paper and transport — reportedshorter payment terms in 2025 compared to 2024, 2 PAYMENT DELAYS Delays in payment appear to be frequent amongLatin American businesses. Of the companiessurveyed, 77% declared to have experiencedpayment delays. This represents a strong increasecompared with 2024, when 51% of our sample werefacing delays. The ratio exceeds the 77% thresholdin three economies (Argentina, Brazil and Ecuador)and across seven sectors (automotive, retail,construction, pharmaceuticals, wood, paper and year-to-date, following the recession experiencedin 2024, on the back of a strong drought thatled the country (highly reliant on hydroelectricpower) to face long-hours blackouts during partof the second half of 2024. Contrarily, in Chile and Regarding Argentina, in particular, any companyreported a decrease in delays. Although this resultmay seem surprising, given that the economy isprojected to grow by 3.8% in 2025 after two yearsof recession (2023–2024), the rebound that started slipped by 0.1% quarter-on-quarter. Preliminaryestimates suggest continued decline in Q3 2025,as businesses have faced tighter credit conditionsand struggling to compete with foreign firms, due saw more companies reporting delays thanimprovements—except for transport, where theopposite trend was observed. Average payment delays reached 42 days; thusa shortening compared to 2024 (minus 10 days).This year, 75% of companies surveyed reportedaverage payment delays of up to 60 days (from69% in 2024). On the contrary, delays between 60and 150 days became relatively less common andwere reported by 23% (from 25% in 2024). Similarly,very long delays exceeding 150 days reached only2% of respondents in 2025 (from 6% in 2024). Thismovement was widespread at sectoral level, apartfrom wood, textile and metals which registered In addition, it worth mentioning that, accordingto national statistics, the number of companiesthat ask