Private Sector External Debt Report

– Private sector external debt: Totaled USD 112,716 million as of 31.03.26, recording a quarterly increase of USD 313 million, explained by an increase in financial debt of USD 1,463 million and repayments of trade debt of USD 1,150 million.

– Stock by type of transaction: As of 31.03.26, debt for imports of goods was the most significant, with a stock of USD 36,672 million, followed by financial loans with USD 30,823 million and debt securities held by non-residents, which totaled USD 20,705 million. Next in order of magnitude were services debt with a stock of USD 13,327 million, debt for exports of goods with USD 7,335 million, and the category “Other financial debt” with a position of USD 3,854 million at the end of the quarter.

– Changes by type of transaction: The decline in trade debt was explained by the reduction in debt for exports of goods by USD 1,301 million, followed to a lesser extent by repayments of debt for imports of goods by USD 389 million, and offset by the increase in services debt by USD 540 million. In turn, the quarterly increase in financial debt was explained by the increase in debt securities by USD 1,345 million, followed by “Other financial debt” by USD 418 million, partially offset by a decline in financial loans by USD 300 million.

– External debt for imports of goods: Financing granted by related companies reached a stock of USD 20,348 million, remaining at similar levels compared to the previous quarter. The rest of the creditors totaled a position of USD 16,324 million, with a quarterly decline of USD 396 million. At the sectoral level, the quarterly change was mainly explained by the reductions recorded in the sectors “Manufacture of chemicals and chemical products”, with a decline of USD 121 million, and “Wholesale trade and/or on a fee or consignment basis, except trade in motor vehicles and motorcycles”, with a decrease of USD 98 million. This decline was partially offset by the increase of USD 115 million recorded in the sector “Manufacture of motor vehicles, trailers and semi-trailers”.

– External debt for exports of goods: Debt with related creditors recorded a position of USD 3,361 million, with a quarterly decline of USD 671 million. Debt with the rest of the creditors totaled USD 3,974 million, with a decrease of USD 630 million compared to the previous quarter. The reduction in this type of debt was largely due to the repayment of advance export collections in the agro-export sector that took place in September 2025, within the framework of the temporary reduction of export duties set at zero percent (0%), through Executive Order 682/2025. At the sectoral level, the quarterly reduction was mainly explained by the sector “Manufacture of food products”, the main exporter of oilseeds and cereals, which recorded a decrease of USD 1,246 million, in line with the effects of the measure described above. To a lesser extent, the sector “Wholesale trade and/or on a fee or consignment basis, except trade in motor vehicles and motorcycles” recorded a reduction of USD 100 million.

– External debt for services: Services debt with related creditors totaled a position of USD 9,291 million as of 31.03.26, with a quarterly increase of USD 287 million. Debt with the rest of the creditors reached USD 4,036 million, recording a quarterly increase of USD 253 million. Among the main sectors explaining this increase are “Computer programming and consultancy services and related activities”, “Air transport service” and “Manufacture of motor vehicles, trailers and semi-trailers”, with quarterly increases of USD 26 million, USD 30 million and USD 36 million, respectively.

– Financial external debt: Debt with related creditors recorded a position at the end of the quarter of USD 23,029 million, followed by the multiple holders of debt securities for USD 20,705 million, while the rest of the creditors (banks, official sources and other private sources) totaled USD 11,648 million. Thus, financial debt totaled USD 55,381, with growth of USD 1,463 million in the quarter. At the sectoral level, this increase was mainly explained by the sector “Extraction of crude petroleum and natural gas”, which recorded an increase of USD 768 million. This was followed by the sector “Deposit-taking corporations, except the central bank”, with an increase of USD 208 million. Meanwhile, the sector “Electricity, gas, steam and air conditioning supply” recorded a decrease of USD 110 million.