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.

Executive Summary

Foreign obligations declared by the private sector totaled US$ 71,558 million as of June 30, 2015. Of this total, US$ 67,813 million corresponded to external debts of the non-financial private sector (NFPS) and US$ 3,744 million to commitments of the private financial sector (SPF).

The external liabilities of the private sector increased in the second quarter of 2015 by US$ 4,669 million, mainly explained by the increase in NFPS obligations by US$ 3,842 million.

The quarterly increase in the external debt of the NFPS was explained by the increases of US$ 2,295 million in commercial debt (basically due to the increase in debts for advances and pre-financing of exports and imports of goods) and financial obligations by about US$ 1,545 million (mainly due to the issuance of securities in the oil sector).

The external debt for advances and pre-financing of exports of NFPS goods reached a stock of US$ 7,515 million as of 30.06.15, registering an increase in the quarter of US$ 1,118 million and US$ 732 million year-on-year.

The oilseeds and cereals sector increased its external debt for advances and pre-financing of exports by US$ 958 million and US$ 594 million year-on-year in the quarter, reaching a stock of US$ 4,317 million as of 30.06.15 (the highest level since mid-2012), in a context of higher revenues through the Single and Free Exchange Market (both local and external) and a higher level in the sworn declarations of foreign sales with a longer shipping period.

In a context of a 14% year-on-year drop in deferred payments for imports through the foreign exchange market and an increase in the average payment term from the date of shipment, liabilities for imports of NFPS goods reached a stock of US$ 25,051 million as of 06/30/15, registering an increase in the quarter of US$ 877 million.

The quarterly increase in import debt was mainly explained by the energy sector (US$ 245 million), followed by the increase in the debt of the chemical, rubber and plastic industry by about US$ 220 million and the automotive industry by about US$ 100 million.

Foreign obligations declared by the NFPS for services totaled US$ 10,013 million as of 06/30/15, with a quarterly increase of US$ 300 million, basically explained by the increase in debt with related companies.

The external financial debt of the NFPS reached a stock of US$ 25,234 million at the end of the second quarter of 2015, experiencing a quarterly increase of US$ 1,545 million, basically explained by the increase in stock of securities by US$ 1,439 million, due to new issuances in the oil sector.

The fresh funds received during the second quarter amounted to about US$ 1,790 million, explained almost entirely by the oil sector with revenues of US$ 1,606 million.

The SPF’s foreign obligations totaled US$ 3,744 million as of 06/30/15, almost unchanged with respect to the level of the same quarter of the previous year, but experiencing a quarterly increase of US$ 827 million, basically as a result of the increase registered in commercial credit lines and other documentary credits for US$ 681 million.

The average maturity of private sector debt was around 2 years, of which the NFPS debt reached 2 years, while the SPF ended the quarter at 2.5 years.