External Commercial Borrowings (ECB 7, Chart 4) vary from year to year, and appear to be sensitive to interest differentials.
ECB (USD bn) Gross  Net  Inflow  Outflow  inflow  2012-13  28.10  5.81  22.29  2013-14  29.39  9.84  19.55  2014-15  29.29  20.77  8.52  2015-16  23.24  26.42  -3.18  2016-17  21.24  25.84  -4.60  2017-18  27.09  24.84  2.25  2018-19  32.11  18.75  13.36  2019-20  47.84  17.88  29.95  2020-21  33.58  29.58  4.00  2021-22  34.19  21.01  13.18  Year  Chart 4: External Commercial Borrowing 60.00 50.00 40.00  USD billion  Gross  30.00 20.00 10.00 0.00 -10.00 Gross Inflow  Gross Outflow  Net inflow  8.