Relevamiento de Títulos de Deuda y Otros Pasivos Externos

These statistics are based on the information obtained in the Survey of Debt Securities and Other External Liabilities provided by Communication A3602 and complementary ones.

The private sector’s foreign obligations totaled US$ 58,119 million as of
December 31, 2010, of which US$ 55,240 million were declared by the non-financial private sector (NFPS) and
only US$ 2,880 million corresponded to liabilities to non-residents accounted for by the private financial sector
(SPF).
The external debt of the NFPS increased in 2010 by US$ 5,441 million (11%) due to the increase
in commercial financing of imports and exports of goods linked to the strong
recovery of trade. Despite this increase, the indicators that link this variable with the
level of international reserves, gross domestic product and exports of goods and services, showed
a decrease compared to the previous year, placing it among the lowest values in comparison
with the various countries in the region.
Financing of imports of goods increased for the fourth consecutive quarter, with an increase
of US$ 4,768 million in the total for the year. In this regard, it should be noted that 93% of
import financing is owed to the external suppliers themselves.
On the other hand, the external debt for advances and pre-financing of exports registered a year-on-year increase
of 26% and totaled US$ 6,116 million at the end of 2010. The increase in
the income from export advances and pre-financing of
exports in the last quarter of 2010, measured both year-on-year and with respect
to the previous quarter, was associated with the structural change in the sector’s
external sales and with the trend in the prices of grains and by-products during the second half of the year.

The fall in country risk, the high level of international liquidity, and the sharp increase in the level of
activity, allowed the NFPS to access the international market with the placement of securities in the year
for US$ 1,519 million. Since 2002, this value has only been exceeded in 2007. The issuances
made in the year in the international credit markets were made at an average effective
rate of 9.66% and an average term of 9.63 years.
The NFPS’ external debt at the end of 2010 was 86% denominated in US dollars
, 8% in Argentine pesos and 5% in euros. Debts in Argentine pesos were
mainly related to profits and dividends pending remittance, while those
denominated in euros corresponded mainly to financial debts and debts for imports.
On the other hand, the external debt of the private financial sector (SPF) contracted in 2010 by US$ 558
million, continuing the trend observed since the end of 2001. The external debt of the private financial sector
represented less than 1% of GDP, a ratio that was below that observed in the rest of the countries of the region.
After two years without resorting to the use of fresh funds from abroad, the SPF recorded the income of US$ 196 million during the fourth quarter of 2010, corresponding to US$ 96 million to debt securities
issuances and the rest to passive pass operations with foreign banks.
The NFPS debt payable totaled US$ 15,468 million and was basically composed of current account debts for imports of goods and services, advances on future exports of goods, and profits and dividends pending remittance. Meanwhile, the payable debt of the SPF, which includes demand deposits of non-residents, totaled US$ 373 million.
The average life of private external debt at the end of 2010 was 2.03 years, with 4.24
years for the SPF and 1.91 years for the NFPS.