Brazil records surge in corporate and rural credit defaults

Serasa Experian reports that corporate delinquency in Brazil reached a historic high of 9 million CNPJs in April, an increase of 1.5 million over the previous year. The total amount of overdue debts rose to 63.7 million accounts, amounting to R$ 220.9 billion, with an average debt of R$ 24,666 per company. The services sector accounted for 55.6% of defaulting firms, while micro‑ and small‑businesses made up the majority, representing 8.5 million CNPJs and R$ 191.8 billion of the debt. Regionally, the Southeast led the count, especially São Paulo with over 3 million delinquent firms.

In the agribusiness sector, rural credit delinquency closed 2025 at 8.2% of the 11.3 million people identified as rural, the highest level in the series. New rural debts totaled R$ 54 billion across roughly 3.5 million obligations, with banks absorbing 93.9% of the amount. The highest default rates were observed among producers without a rural registration (9.9%) and large landowners (9.8%). The rise reflects persistent pressures from high input costs, volatile agricultural prices and a selective credit environment.