The external debt of the private sector totaled US$ 47,203 million as of
March 31, 2007, corresponding to US$ 42,719 million (90%) to liabilities
declared by the non-financial private sector (NFPS) and US$ 4,483 million
(10%) by the private financial sector (SPF).
During the first quarter of 2007, private external debt fell
by US$ 259 million. This decrease was almost entirely explained by the
SPF, which reduced its debt by US$ 238 million (5%).
The slight reduction in NFPS’ external liabilities in the first quarter (US$
21 million) was due to the fact that the US$349 million drop in financial indebtedness
was practically offset by the US$328 million
increase in trade financing.
All categories of commercial debt showed increases, with external debt for imports of goods growing
by US$ 171 million in the quarter.
The main mechanism for reducing the external debt of the NFPS in the
quarter was the use of debtors’
own funds abroad for a total amount of US$ 725 million.
Gross financing of imports of goods was equivalent to 68% of the
FOB value imported in the period April 2006-March 2007. MERCOSUR +
Chile was the main provider of financing for imports with
36% of the total; followed by the European Union (24%) and NAFTA (21%).
The NFPS received fresh financial funds from abroad for US$ 324 million
during the first three months of 2007, of which 46% corresponded to
primary issuances of negotiable obligations held by multiple
holders and 25% to loans from parent companies and/or subsidiaries. More than half of the
new admissions corresponded to operations arranged for a term equal to or
greater than 10 years.
The reduction in the external debt of the financial sector occurred almost
exclusively due to the cancellation of financial debts, since commercial lines
grew for the fourth consecutive quarter.
The private financial sector received fresh funds from abroad for US$ 222
million in the first quarter of 2007, at an average rate of 6.9%.
The average life of private external debt as of 31.03.07 was around
2.35 years. The average life of the NFPS’ external debt was in the order
of 2.1 years, while this variable for the SPF reached 4.6 years.
