The total foreign obligations declared by the private sector as of June 30, 2009 totaled US$ 56,347 million, corresponding to US$ 52,196 million to the non-financial private sector (NFPS) and US$ 4,151 million to the private financial sector (SPF).
After two consecutive quarters of decline, private external debt increased by US$ 189 million in the second quarter of the year. The variation was explained by an increase of US$ 407 million in
the external obligations of the NFPS offset by a decrease of US$ 217 million in
the liabilities of the NFPS.
The increase in NFPS external debt occurred in commercial debt for export advances and pre-financing
, while the decrease in SPF was observed in both commercial and
financial debt, continuing the trend observed in recent quarters.
External liabilities for imports of goods totaled US$ 14,870 million as of 30.06.09 with a
year-on-year fall of 10%, and a slowdown with respect to the quarterly decreases observed in
the two previous periods. After two consecutive quarters of decline, liabilities with
foreign suppliers increased.
External debt for advances and pre-financing of exports of goods increased in the
quarter by US$ 657 million, basically due to the seasonality of exports of the coarse harvest
, reaching a stock of US$ 5,928 million.
The NFPS received fresh funds of US$ 871 million. The amount observed was similar to that of recent
quarters and was concentrated in a small number of companies.
The cancellations made by the NFPS in the quarter reached US$ 1,051 million and were
mainly used to meet maturities for the period (US$ 764 million). This amount of
cancellations at maturity represented a maximum in the last four years.
85% of the NFPS’ external liabilities as of 30.06.09 were denominated in dollars, followed by debts denominated in pesos (8%) and euros (5%).
The SPF’s foreign obligations registered a decrease of US$ 217 million in the quarter, completing a year of consecutive quarterly declines, although showing a slowdown after two quarters with falls of around US$ 750 million each.
The SPF did not receive fresh financial funds from abroad for the second consecutive quarter and
made cancellations of this type of liabilities for US$ 133 million. Taking advantage of the existing liquidity and relatively low prices, some entities repurchased part of their own securities (US$ 54 million).
The average life of private external debt as of 30.06.09 showed a slight increase to 2.06
years. This increase was due to the increase in the SPF to 3.89 years, since the NFPS remained at the same values, 1.86 years.
