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.

External obligations declared by the resident private sector totaled US$ 68,463 million as
of December 31, 20121
. Of this total, US$ 65,491 million corresponded to debts of the non-financial private sector
(NFPS) and US$ 2,972 million to the private financial sector2
(SPF).
Both public and private external debt fell in 2012 in terms of GDP, continuing the trend recorded in previous years. Total external debt (public plus private) went from
representing 168% of GDP in 2002 to 32% at the end of 2012. In the fourth quarter of 2012, private external debt decreased by around US$ 2,200 million (the largest quarterly drop observed since the first quarter of 2009), both due to the fall in the debt of the non-financial private sector (US$ 1,905 million) and that of the private financial sector (US$ 324
million).
Considering the total for 2012, private external debt increased by about US$ 1,800 million due to the increase in both commercial and financial obligations of the NFPS. This variation was
partially offset by the fall in SPF debt, especially by commercial credit lines, in a context of substitution of loans granted in foreign currency by financing in
national currency to resident companies.
With regard to NFPS debt, different behaviors were observed throughout the year. In the first half of the year, there were increases in all types of debts and mainly in those of
a commercial nature. This result was influenced by higher energy imports due to seasonal reasons
and the anticipated income of funds from exports of grains and oils and minerals. On
the other hand, during the second half of 2012, falls were observed both in debts for purchases of goods (especially in the energy and automotive sectors), as well as in debts for securities and
financial loans.
Foreign liabilities for imports of goods fell by US$ 1,668 million in the fourth quarter and around US$ 1,200 million in the year, reaching a stock of US$ 23,931
million as of December 31, 2012.
On the other hand, foreign debt for advances and pre-financing of exports of goods
decreased by US$ 610 million during the last quarter of 2012, although it had a positive variation
of US$ 629 million in the year, totaling US$ 6,633 million as of December 31. This
stock represented 7% of the estimated exports for the following twelve months.
Within the framework of the implementation of greater controls on certain transactions between related companies, as well as transfers to tax havens—which became subject to the BCRA’s approval for access to the foreign exchange market3—and the administration of payments abroad, foreign obligations for services increased by US$2,504 million in 2012.
The NFPS’ external financial debt increased by US$ 958 million in 2012. Most of the variation was explained by the debts for profits and dividends made available
and not transferred, followed by the increase in the stocks of debts of financial loans and debt securities.
As observed in the previous year, related companies continued to be the main
external creditor of the NFPS with a total of US$ 28,427 million at the end of 2012, representing 43%
of the total obligations of the NFPS. The net increase in debts with related parties was US$ 3,298 million
in the year. In contrast, international financial institutions registered a negative
variation of US$ 658 million.
At the end of 2012, the average implicit interest rate paid on the total external debt of the NFPS
was similar to that recorded in the previous quarter, standing at 2.53% annually.
The SPF’s foreign obligations totaled US$ 2,972 million at the end of 2012,
registering a decrease of US$ 324 million during the quarter and accumulating, during 2012
, a fall of around US$ 1,080 million. The decrease recorded during 2012 was
mainly concentrated in debts for the use of documentary credits and commercial
credit lines (with a fall of US$ 716 million and totaling 48% in year-on-year terms), in a context of
substitution of local financing in foreign currency by financing in local currency.