Private Sector External Debt Report

– Private sector external debt: The private sector external debt amounted to USD112,716 million as of March 31, 2026, recording a quarterly increase of USD313 million, explained by a rise of USD1,463 million in financial debt, and payments of commercial debt for USD1,150 million.

– Stock by type of transaction: As of March 31, 2026, imports of goods recorded the largest debt at USD36,672 million, followed by financial loans at USD30,823 million, and debt securities held by non-residents at USD20,705 million. Debt for services came fourth (USD13,327 million), followed by debt for exports of goods (USD7,335 million), and “Other financial debts” (USD3,854 million) by the end of the quarter.

– Changes by type of transaction: The decline in commercial debt was driven by a reduction in debt for exports of goods amounting to USD1,301 million, followed to a lesser extent by repayments of debt for imports of goods totaling USD389 million, and offset by a rise in debt for services amounting to USD540 million. In turn, the quarterly increase in financial debt was driven by a rise of debt securities for USD1,345 million, followed by “Other financial debts” for USD418 million, partially offset by a fall in financial loans for USD300 million.

– External debt for imports of goods: The stock of financing granted by related companies reached USD20,348 million, a level similar to that of the previous quarter. Debts with other creditors amounted to USD16,324 million, down USD396 million in the quarter. Broken down by sector, the quarterly change was mainly explained by a reduction in “Manufacture of chemicals and chemical products”, which fell USD121 million, and “Wholesale trade and/or wholesale on a fee or contract basis, except of motor vehicles and motorcycles”, with a decline of USD98 million. This reduction was partially offset by an increase of USD115 million in “Manufacture of motor vehicles, trailers and semi-trailers.”

– External debt for exports of goods: Debts to related creditors stood at USD3,361 million, marking a quarterly decrease of USD671 million. Debts with other creditors totaled USD3,974 million, down USD630 million against the previous quarter. The reduction in this type of debt was mainly due to the repayment of advances on agricultural export proceeds in September 2025 within the framework of the temporary reduction of export duties to zero percent (0%) as under Executive Order 682/2025. Broken down by sector, the quarterly decrease was mostly explained by “Manufacture of food products,” leading exporter of oilseeds and grains. This sector recorded a reduction of USD1,246 million, in line with the effects of the above measure. To a lesser extent, “Wholesale trade and/or wholesale on a fee or contract basis, except of motor vehicles and motorcycles” recorded a reduction of USD100 million.

– External debt for services: Debts for services to related creditors totaled USD9,291 million as of March 31, 2026, marking a quarterly increase of USD287 million. Debt with other creditors stood at USD4,036 million, posting a quarterly growth of USD253 million. “Computer programming, consultancy and related activities,” “Air transport” and “Manufacture of motor vehicles, trailers and semi-trailers” stood out as the sectors driving this increase, with quarterly rises of USD26 million, USD30 million and USD36 million, respectively.

– Financial external debt: Debts to related creditors stood at USD23,029 million by the end of the quarter, followed by multiple holders of debt securities at USD20,705 million, and debts to other creditors (banks, official sources and other private sources) at USD11,648 million. The financial debt thus totaled USD55,381 million, rising USD1,463 million in the quarter. Broken down by sector, this increase was mainly explained by “Extraction of crude petroleum and natural gas,” which rose USD768 million. This sector was followed by “Deposit-taking corporations except the central bank,” with a rise of USD208 million. In turn, “Electricity, gas, steam and air conditioning supply” decreased by USD110 million.