拉丁美洲：面对日益严重的逾期付款，公司正在收紧信贷

PAYMENT SURVEY Latin America Payment Survey 2026:Tightening Credit Conditions Amid PersistentPayment Delays Coface conducts payment surveys for several differenteconomies and regions. The objective of this surveyfor Latin America is to better understand theregion’s corporate payment habits and the healthof its economy. The survey was carried out over theApril – May 2026 period which saw 272 companiesparticipate in the study across over 6 countries, including Argentina,Brazil, Chile, Colombia, Ecuador, and Peru. bank to adopt smaller cuts and potentially shorten the cycle,depending largely on the evolution of geopolitical risks and theirimpact on inflation expectations. In a nutshell, the combinationof modest growth, elevated inflationary pressures, and limited In this economic environment, companies have slightly shortenedtheir payment terms, with the average credit period decliningfrom 59 days in 2025 to 56 days in 2026. This may reflect greaterrisk aversion and/or increased liquidity pressures, promptingfirms to accelerate cash inflows. Payment delays have becomemore widespread, with 79% of companies reporting overdue Latin American companies continue to operate in a challengingeconomic environment. Coface expects regional GDP growthto remain modest over 2026–2027, at 2.0% and 2.3% respectively,following 2. 3% in 2025. This subdued performance reflectsmoderate global growth—including a gradual slowdown in keyexport markets such as the US and China—alongside structurallylow investment levels in the region and limited fiscal space. TheU.S.’s more protectionist trade stance since 2025, while still acause for concern regarding exports and the potential redirectionof low-cost Chinese exports from the U.S. to other markets,has become less prominent among the risk factors. Instead, However, while delays have become more frequent, they havealso become shorter on average. The average duration of delaysdecreased to 33 days, down from 42 days in 2025, potentially Looking ahead, expec tations for 2026 remain cautiouslyoptimistic: although economic activity is projected to stay broadlystable, nearly 70% of companies anticipate improved businessperformance. Risks persist, however, with 24% of respondents PATRICIA KRAUSEEconomist, Latin America PAYMENT TERMS Among the Latin American companies surveyed,95% offered payment terms to their customers in2026, representing an increase from 88% in 2025and indicating that it has become even morewidespread. Market practice remained the mainreason for doing so. The credit period is generallyshort — with 87% of companies offering termsof up to 90 days (Chart 1), this marks a marginal (41%) compared to 2025 (46%). The reduction inthe average credit term was primarily driven byan increase in the share of companies offering The 31 - 60-day timeframe was the most commonacross nearly all countries (except for Peru1), amongcompanies of different turnover sizes (except firmswith annual sales of up to USD 2 million2), and inmost domestic and multinational companies3.From a sectoral perspective, it was also the most From a sectoral perspective, the wood sectorwas among the most restrictive, with an averagepayment term of 40 days and all transactionsconducted under short-term conditions of upto 60 days (Charts 2 and 3). In addition, the ICTsector5recorded the highest share of companiesoffering payment terms of up to 30 days, at 39%.Conversely, the most generous sectors offeringlong average payment terms include automotive(25% with credit periods of over 90 days) andpharmaceuticals (19%). Only four of the thirteensectors — automotive, transport, energy and agri- 2 PAYMENT DELAYS Delays in payment appear to be frequent amongLatin American businesses. Of the companiessurveyed, 79% claimed they have experiencedpayment overdue. This represents a mild increasecompared with 2025, when 77% of our sample werefacing delays. The ratio exceeded the 79% thresholdin four economies (Brazil, Chile, Ecuador andPeru) and across nine sectors (automotive, retail,construction, pharmaceuticals, metals, chemicals,wood, textile and transport). Nonetheless, when In addition, it is worth noting that, according tonational statistics, payment capacity remainsstrained in Latin America. Brazil recorded a record-high number of companies filing for Chapter 11protection in 2025, with 2,466 cases—an increase From a sectoral perspective, the automotive sectorrecorded equal shares of companies reportingincreased delays and those indicating no changecompared to 2025. Overall, most sectors reporteda higher share of companies experiencing delaysrather than improvements, including agri-food, 2% in 2025). This movement was widespread atsectoral level, apart from agri-food, chemicals andpaper which registered a lengthening (Chart6).Delays in payments for textile and metals recordedthe biggest drop in a year with - 37 and - 28 days,respectively. From a country perspective, alleconomies observed a drop in average le