As of September 30, 2022, the private sector external debt totaled USD91,364 million, recording a quarterly rise of USD7,128 million, driven by a rise in commercial debt, financial debt recording net payments in the third quarter.
The commercial external debt from the private sector totaled USD52,266 million as of September 30, 2022, with a rise of USD7,692 million over the quarter, and of USD15,076 million in year-on-year (y.o.y.) terms. The external debt for exports of goods totaled USD10,647 million as of September 30, 2022 (the highest value recorded since the beginning of the series), rising USD4,797 million against the previous quarter and USD4,142 million vis-à-vis the same period in 2021. This increase is explained by the effects of the Export Increase Program under Executive Order No. 576/22, which set an exchange rate of ARS200/USD1 for settlements of foreign currency derived from exports of soybean and by-products until September 30, 2022.
The external debt for imports of goods totaled USD31,113 million as of September 30, 2022, the highest value recorded since the beginning of the series. Against the end of the previous quarter, an increase of USD2,295 million was posted, and USD8,888 million in y.o.y. terms. This debt record is mainly explained by the changes in the foreign trade and exchange regulations on payments of imports.
The external debt for services reached USD10,506 million as of September 30, 2022, climbing USD600 million against the previous quarter, and increasing USD2,047 million y.o.y.
The financial external debt from the private sector totaled USD39,098 million as of September 30, 2022, with net payments of USD565 million over the quarter, and USD2,559 million against September 30, 2021. The downward trend of the quarter was mainly explained by debt securities (USD243 million) and financial loans (USD191 million).
A sovereign debt restructuring process in foreign currency was successfully carried out by the National State. In symphony with this, as from September 16, 2020, Communication “A” 7106 and then Communications “A” 7230, “A” 7422, and “A” 7466 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. In this context, the negotiations during the third quarter of 2022 resulted in fewer net purchases in the forex market for around USD556 million against the original maturities for the same period. Net payments amounted to around USD4,000 million from the date on which the original regulation became effective to the end of September 2022.
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January 26, 2023