As was evident until the last publication of this report with data as of 30.09.172, private external debt continued its growing trend until the end of the third quarter of 2019, at which time the “reprofiling” of part of the public debt was announced. Between 31.12.17 and 30.09.19, total private external debt grew by US$ 10,634 million, mainly explained by the increase in financial debt (US$ 7,662 million). The evolution of private external debt since the beginning of 2016 showed the same evolution as public debt, reaching a record level at the end of the third quarter of 2019.
From 30.09.19 to 30.06.20, a total of US$ 4,726 million (US$ 3,312 million of external commercial debt and US$ 1,414 million of external financial debt) were net cancelled. According to what has been observed in foreign exchange market statistics, it can be anticipated that these cancellations continued throughout the third quarter of 2020.
As of 30.06.20, the external debt of the private sector totaled US$ 81,401 million, registering a quarterly fall of US$ 2,739 million.
The external debt for exports of goods totaled US$ 5,750 million at the end of June 2020, showing a quarterly decrease of US$ 1,612 million. Within that total, debt with related creditors registered a position of US$ 1,080 million, while the rest of creditors totaled US$ 4,670 million.
External debt for imports of goods totaled US$ 22,912 million at the end of the second quarter of 2020, showing a net cancellation of US$ 1,011 million compared to the previous quarter and US$ 953 million compared to the same period of the previous year. On the other hand, external debt for services totaled US$ 7,571 million as of 30.06.20, showing a fall of US$ 88 million compared to the end of the previous quarter, but an increase of US$ 1,594 million compared to 30.06.19.
External financial debt totaled US$ 45,169 million as of 30.06.20, with a quarterly fall of US$ 28 million (cancellation of loans and other financial debt for about US$ 314 million, partially offset by the net increase in the holding of debt securities held by non-residents for US$ 287 million) and US$ 743 million in year-on-year terms.
The profile of private external debt as of 30.06.20 shows that most of the commercial external debt matures within the next year, as opposed to the external financial debt whose maturities are concentrated in maturities longer than one year.
