Private Sector External Debt Report

This quarterly report analyses the evolution of the external debt of the private sector, with an opening at the level of the main debt instruments.

Report on Private External Debt

Private sector external debt: It totaled USD 107,311 million as of 06/30,25, registering a quarterly increase of USD 2,690 million, explained both by the increase in commercial debt by USD 1,798 million and by financial debt by USD 892 million.
Stock by type of operation: As of 30.06.25, debt for imports of goods was the most important with a level of
USD 38,954 million, followed by financial loans with USD 26,752 million and debt securities held by non-residents, which totaled USD 14,656 million. Continuing in order of magnitude, the debt for services were located with a stock of USD 13,799 million, the debt for exports of goods with USD 9,688 million and the category “Other financial debt” with a position of USD 3,463 million at the end of the quarter.
Variations by type of operation: The increase in commercial debt was basically explained by the increase in debt for exports of goods by USD 2,455 million, partially offset by the cancellations of debt for imports of goods and by debt for services of USD 305 million and USD 352 million, respectively. For its part, the quarterly increase in financial debt was explained by the increase
in debt securities by USD 864 million, followed by “Other financial debt” by USD 492 million and partially offset by the fall in financial loans by USD 464 million.
External debt for imports of goods: Financing granted by related companies reached a stock of USD 21,850 million, showing a decrease of USD 243 million in the quarter. The rest of the creditors totaled a position of USD 17,105 million, with a quarterly drop of USD 62 million. At the sectoral level, the sector “Manufacture of motor vehicles, trailers and semi-trailers” ended with a stock of USD 8,101 million (21% of the total), showing an increase of USD 43 million in the quarter. Next in order of importance was “Wholesale trade and/or on commission or consignment, except trade in motor vehicles and motorcycles” with a stock of USD 7,950 million (20% of the total) and a quarterly drop of USD 67 million.
It should be noted that the rest of the sectors also showed falls of about USD 623 million, which were offset by increases in the sectors “Manufacture of computer, electronic and optical products”, “Retail trade, except trade of motor vehicles and motorcycles” and “Supply of electricity, gas, steam and air conditioning” for about USD 342 million.
– External debt for exports of goods: Debt with related creditors registered a position of USD 5,010 million with a quarterly increase of USD 1,519 million. The debt with the rest of the creditors totaled USD 4,678 million with an increase of USD 936 million compared to the previous quarter. The “Food Processing” sector reached a stock of USD 6,692 million (69% of the total), with an increase of USD 2,184 million in the quarter. It should be noted that this sector includes companies dedicated to the marketing of oilseeds and cereals. It was followed in order of importance by the sector “Wholesale trade and/or on commission or consignment, except trade in motor vehicles and motorcycles” with a debt of USD 1,299 million, 13% of the total and a quarterly increase of USD 392 million. Both sectors accounted for more than 80% of the debt for exports of goods.
External debt for services: The debt for services with related creditors totaled USD 10,136 million as of 30.06.25
and that of the rest of the creditors reached USD 3,663 million. The sectors with the highest participation were “Computer programming and consulting services and related activities” with 8% of the total and “Manufacture of motor vehicles, trailers and semi-trailers” and “Air transport service”, both with 7% of the total.
External financial debt: Debt with related creditors registered a position at the end of the quarter of USD 21,286 million, followed by multiple holders for USD 14,656 million, while for the rest of the creditors it totaled USD 8,929 million. At the sectoral level, 35% of the external financial debt was concentrated in the “Extraction of crude oil and natural gas” sector, with a stock of USD 15,787 million and an increase in the quarter of USD 1,082 million. “Supply of electricity, gas, steam and air conditioning” accounted for 8%, with a
stock of USD 3,642 million and a fall in the quarter of USD 63 million. “Extraction of metalliferous minerals” had a 7% share in the total and a stock of USD 2,950 million, with a quarterly increase of USD 294 million.
External debt maturity profile: As of 30.06.25, including debt payable and debt granted without an agreed maturity date, companies had to face, within the year following the reference date, maturities Report on Private External Debt as of June 30, 2025 | BCRA |
2 of commercial debt capital for USD 60,146 million (96% of total commercial debt as of 06/30,25), and financial debt capital maturities of USD 20,894 million (47% of total financial external debt as of 06/30,25)1
. It should be noted that the profile of financial debt showed a year-on-year improvement in maturities, with an
increase in the weight of maturities of 5 years or more.
Total external debt by sector of activity of the debtor and type of creditor or type of operation: The amount of external financing granted to the main sectors of the economy by type of creditor as of 30.06.25 placed the “Manufacturing industry” in first place, with a debt position of USD 40,263 million, which was financed by 63% by companies of the same group (USD 25,175 million). followed by financing granted by exporters from abroad and other private sources (USD 10,145 million). In second place was the “Mining and quarrying” sector with a debt stock of USD 25,215 million and in third place “Wholesale and retail trade, repair of motor vehicles and motorcycles” with a debt position of USD 13,330 million.
These three sectors accounted for about 73% of private external debt. It is worth mentioning that more than 50% of the total external financing stock was granted by companies of the same group. 57% of the debt of the “Manufacturing Industry” sector corresponded to the debt of imports of goods, while in the “Mining and quarrying” sector 49% corresponded to debt from financial loans and 34% from debt securities.
– Commercial external debt by country. The United States was the main source of commercial debt as of 30.06.25, with a stock of USD 12,036 million, representing 19% of the total. In second place was Brazil, with USD 8,566 million (14% of the total), and in third place, Switzerland, with USD 5,281 million (8% of the total). These three countries accounted for about 41% of the total external commercial debt stock.
– Financial external debt by country (excluding debt securities). The United States was the main source of financial debt as of 30.06.25, with a stock of USD 6,612 million, representing 22% of the total. In second
place was the Netherlands, with USD 4,587 million (15% of the total), and in third place was Uruguay, with USD 2,467 million (8% of the total). These three countries accounted for 45% of the stock of external financial debt (excluding debt securities).
This document is accompanied by an annex that presents the statistical series since 31.12.2017 and has sectoral breakdowns and by type of operation, creditor, currency and country, and capital maturity profile, which can be consulted here.

This report is prepared based on the information obtained from the Survey of External
Assets and Liabilities provided for in Communication A6401 and its complementary ones. For more information, see here.

To consult the main definitions and the methodology for compiling and preparing the Private External Debt statistics
published by the Central Bank and agreed with INDEC.