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Private Sector External Debt Report as of September 30, 2021

As of September 30, 2021, the private sector external debt totaled USD78,091 million, recording a quarterly fall of USD2,679 million. This drop was due to a decrease of both commercial debt (down by USD1,919 million), and financial debt (net payments of USD759 million).

The external debt from exports of goods totaled USD6,229 million as of September 30, 2021, down USD1,259 million against the previous quarter. This was basically explained by a drop of USD912 million in the “Manufacturing of food products” sector.

On the other side, the external debt from imports of goods totaled USD21,760 million as of the end of the third quarter of 2021, down USD991 million against the end of the previous quarter.

The external debt for services recorded a rise of USD331 million against the previous quarter, climbing to USD8,555 million as of September 30, 2021.

The private sector financial external debt stood at USD41,546 million as of September 30, 2021, with net payments of USD760 million in the quarter, mainly explained by financial loans (USD549 million) and debt securities (USD250 million). Moreover, the other financial debt rose by USD40 million.

A sovereign debt restructuring process in foreign currency was successfully carried out by the National State. In symphony with this, the BCRA issued Communication “A” 7106 on September 16, 2020 to set out guidelines for private sector companies to refinance their foreign financial debts and/or local debt securities in foreign currency, so that they could meet the new requirements, thus ensuring the smooth functioning of the forex market. Thus, debt renegotiations of around 25 companies in the third quarter of 2021 resulted in lower net purchases in the forex market—around USD500 million less compared to the amounts expected to be paid on the original maturities over that period.

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January 27, 2022.

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