Foreign obligations declared by the private sector as of December 31, 2011 totaled
US$ 66,851 million2
. Of this total, US$ 62,780 million corresponded to non-financial
private sector debts (NFPS) and US$ 4,071 million to private financial sector commitments3
(SPF).
During the last quarter of 2011, the amount owed by the private sector increased by US$ 665
million, accumulating an increase of US$ 8,100 million in the year. Over the last 10
years, commercial debts showed, unlike financial debts, an
increasing trend, more than doubling the initial stock as of 31.12.0. While as of 31.12.01 24% of private external liabilities were of a
commercial nature, this percentage reached 56% as of
31.12.11. This behavior took place in a context of significant growth
in Argentine trade and policies aimed at discouraging the entry of short-term capital.
The external debt of the NFPS increased by US$ 566 million in the last quarter of the year. In 2011, the
debt increased by US$ 6,920 million, mainly due to higher indebtedness for
imports of goods and services, within the framework of the growth in the level of activity observed in the
year. Financial debts remained at values similar to those recorded a year ago.
Liabilities for the financing of imports of goods registered an increase of US$ 6,015 million
in the year and reached a record stock of US$ 25,113 million as of December 31, 2011. It should be noted
that while debts for imports of goods represented 16% of the total stock
of NFPS liabilities on 31.12.2001, this share rose to 40% at the end of 2011, making it the
main type of foreign debt.
The fresh financial funds received during 2011 amounted to US$ 3,211
million, instrumented both through securities placements (carried out mainly by
the electricity sector, followed in order of importance by the construction sector) and financial loans
(highlighting the holdings of the oil sector, the chemical industry and the automotive industry
).
Regarding the concentration of the NFPS’ external obligations, the first ten debtors
represented 21% of the total, with a majority presence of firms related to electricity and
oil. The first 50 companies comprised 44% of the total stock, increasing the
participation by 13 percentage points if the first 100 companies are considered.
At the end of 2011, the average rate paid on the NFPS debt that earned interest stood at
6.13% per year, while the implied rate on the sector’s total external debt stood at 2.58% per year
