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.

Foreign obligations declared by the private sector as of December 31, 2013,
totaled US$ 69,365 million2. Of this total, US$ 66,420 million corresponded to external debts
of the non-financial private sector (NFPS) and US$ 2,946 million to commitments of the private financial sector3
(SPF). During 2013, the external liabilities of the private sector increased
by about US$ 180 million due to the increase in NFPS debt of US$ 250 million.
Since 2004, there has been a change in the composition of external financing
of NFPS, with a sharp fall in financial indebtedness and increases in
trade obligations (especially debts for services and imports of goods). Financial
liabilities have contracted by about US$ 7,000 million since
the end of 2004.
The indicator that relates private external debt to gross domestic product (GDP)4 stood
at 13% in 2013, practically maintaining the level of the last five years.
During 2013, the NFPS’ external commercial debt increased by US$ 311 million, basically
due to the increase in debts for services and imports of goods (with year-on-year
increases of around 18% and 2%, respectively), which were partially offset by the fall
in debts for advances and pre-financing of exports (22%). As far as financial debt
is concerned, the fall was basically explained by the net cancellation of financial loans.
External debt for advances and pre-financing of exports of goods totaled US$ 5,129
million at the end of December 2013, with a fall of 22% in the year (about US$ 1,480 million).
The external deleveraging of oilseed, grain and
oil exporting companies was highlighted with a year-on-year fall of around US$ 1,350 million.
The fall in external debt due to advances and pre-financing of the oilseeds and
cereals sector has been observed since the second quarter of 2012, when the total stock registered its
second historical maximum in the series, reaching US$ 4,502 million. Since the aforementioned quarter,
the reduction was almost 50%. Thus, the stock of advances and external pre-financing of the
sector at the end of 2013 returned to values similar to those recorded at the end of 2009.
External liabilities for the financing of imports of goods totaled US$ 24,353
million as of December 31, registering a 2% increase in the year. Among the main sectors of
activity, the machinery and equipment industry registered an increase of US$ 500 million (17%
year-on-year), while the “energy” sector (companies in the electricity, oil and gas sectors)
registered an increase of US$ 470 million (12% year-on-year), reaching a stock of US$ 4,434
million as of 31.12.13. In 2013, the different companies linked to the energy
sector registered import payments through the MULC for some US$ 12,400 million, totaling
an increase of 16% compared to the previous year’s records.
Foreign obligations for services totaled a stock of US$ 8,844 million at the end of
2013, registering a new record in the series with an increase of 18% compared to the end of the previous year
(about US$ 1,350 million).
The increase in debt for services occurred in all types of creditors. While by
the end of 2004, the stock of debt with related creditors totaled about US$ 900
million, it amounted to US$ 5,835 million by the end of 2013. For their part, the rest
of the creditors grew in a smaller proportion, going from US$ 580 million in 2004 to US$ 3,009
million at the end of 2013. It should be noted that more than half of these increases occurred
between the end of 2011 and 2013.
During 2013, fresh funds totaled US$ 3,382 million, registering a year-on-year increase
of 11%. This increase was explained by the funds received during the last quarter of the
year. If we look at the breakdown by type of creditor, the participation of companies
in the same group (which accounted for 70% of the total) stands out, followed by the holders
of securities.
It is worth noting the growing importance of the oil and mining sectors in the total funds
received in recent years. While in 2004 both sectors represented
34% of the total, this participation rose to almost 90% during 2013. These funds are
mostly granted by related companies, for long-term
investment projects.
The external financial debt of the NFPS remained at the levels of the previous year, with a fall in the
year of only US$ 65 million.
The behavior of the SPF debt during 2013 was characterized by a fall in financial liabilities, in contrast to the increase in debts for financing
foreign trade operations, in particular with the use of external lines to
finance energy purchases
.