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.

The declarations of liabilities abroad of the private sector as of September 30 totaled US$ 70,211 million
. Of this total, US$ 66,900 million corresponded to non-financial
private sector debts (NFPS) and US$ 3,311 million to private financial sector commitments2
(SPF).
Private external debt decreased by US$ 1,002 million in the third quarter of 2012, both due to the fall in the debt of the non-financial private sector (US$ 487 million), mainly explained by the decrease in liabilities linked to the financing of energy imports, and by that of the private financial sector (fall of US$ 515 million). linked to the retraction in the use of commercial credit lines and in local deposits of non-residents. There had been no falls in the external debt of the NFPS since the fourth
quarter of 2009.
Liabilities for financing imports of goods fell by US$ 1,200 million in the quarter, totaling US$ 25,377 million as of September 30, 2012. The fall in the obligations
of the electricity sector (US$ 936 million in the quarter and with a year-on-year drop of 18%) was highlighted. In this regard, it is worth highlighting the year-on-year fall in the level of purchases in the third quarter, which occurred more strongly in the last two
months of the period, closing total imports in 2012 with a decrease of around 7%.
On the other hand, the external debt for advances and pre-financing of exports of goods decreased by US$
106 million, reaching a total stock of US$7,134 million. The export sector of grains, oils and
oilseeds recorded revenues in the foreign exchange market for amounts lower than the values of shipments
for the period in the three months of the quarter, partially offsetting the net balances of advances and
pre-financing previously entered.

In relation to the rest of the commercial debt, service liabilities registered an increase of US$ 648
million, in particular for royalties and trademarks and patents (US$ 338 million), within the framework of the
implementation of new controls – in particular on operations carried out between related companies and
with the so-called tax havens – which became subject to prior approval by the BCRA 3
.
The NFPS’ external financial debt increased by US$ 172 million during the
third quarter of 2012, due to the increase in debts for profits and dividends by US$ 355 million.
This effect was partially offset by the fall in debt securities by US$ 220 million due to the
restructuring of outstanding liabilities of a company in the energy sector that included cash payments.
The SPF’s foreign obligations totaled US$ 3,311 million as of 30.09.12, registering a
decrease of US$ 515 million during the period and accumulating, in the first three quarters of 2012,
a fall of around US$ 770 million. This behavior occurred in a context of substitution of
local financing in foreign currency for local currency.
The average implicit rate paid for the total external debt of the NFPS stood at 2.52% per year