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 By PatriciaKrause,Economistbased in SaoPaulo Latin America Payment Survey 2026:Tightening Credit Conditions Amid Persistent Payment 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 limitedroom for monetary easing casts a shadow over the outlook for thesolvency of companies in the region. 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 overduepayments, up from 77% in 2025. The share exceeded 79% in Brazil,Chile, Ecuador, and Peru, as well as across nine sectors, includingautomotive, retail, construction, pharmaceuticals, metals,chemicals, wood, textiles, and transport. 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,geopolitical tensions— namely in the Middle East, have movedto the forefront of concerns. Although Latin America remainsgeographically distant from the conflict and has relatively low directtrade exposure, it is not immune to its negative spillover effects.Among these, upward revisions to inflation expectations since theescalation of tensions in late February 2026 stand out. This has alsoaffected the monetary policy outlook across the region. Residualrate cuts previously expected in Chile and Peru now appear unlikely.In Brazil, although the easing cycle began in March 2026, the scopefor further monetary loosening has narrowed, leading the central 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, potentiallyreflecting more efficient debt collection practices. 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 respondentsciting an economic slowdown as the main concern, followed byhigh competition, geopolitical tensions, exchange rate volatility,and supply chain disruptions. 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 marginaltightening compared to 2025, when 83% fellwithin that range. Consequently, the averagecredit term declined from 59 days in 2025 to 56days in 2026. Most respondents continued to offerpayment terms between 31 and 60 days; however,this range became less representative in 2026 (41%) compared to 2025 (46%). The reduction inthe average credit term was primarily driven byan increase in the share of companies offeringshorter terms of 0–30 days. 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 mostcommon payment term in 124out of 13 sectors.The sole exception was the textile sector, wherethe 61–90 day range predominated. 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 companiesof