In November 2024, Argentina recorded a trade surplus of USD 1.234 million, reversing the deficit of USD 559 million in the same month of 2023, INDEC reported on December 18.
The exports they totaled $6.479 million, which represented a year-on-year growth of 31,6%. This increase was mainly due to a 35,5% increase in export quantities, which managed to offset the 2,8% drop in prices.
Export values increased in all sectors, except for fuels and energy, which registered a decrease of 10,2%. Among these segments, the increase in exports of primary products (69,3%) and agricultural manufactures (63,9%) stands out, although prices fell by 5,3%.
At the product level, there were higher sales of crude soybean oil, flour and pellets from the extraction of soybean oil, corn in grain, excluding for sowing, sunflower oil, gold, among other increases, reported Indec.
In terms of destinations, there was a significant increase in sales to Mercosur (30,2%), USMCA (48,8%), the European Union (59,1%), ASEAN (70,8%), India (142,1%), the Middle East (19,4%) and China (4,6%). In contrast, exports to Chile decreased by 22,0%.
Furthermore, the imports amounted to USD 5.245 billion, which represented a year-on-year decrease of 4,3%. This fall was explained by decreases in imported quantities (-0,2%) and in prices (-3,9%). In terms of economic uses, import values fell in almost all sectors, except for motor vehicles, whose value increased by 393,5%, driven by both a rise in prices (11,7%) and a sharp increase in imported quantities (329,7%). The most significant contractions in import values occurred in fuels and lubricants (-60,6%) and intermediate goods (-10,8%).
In terms of products, purchases of diesel, gasoline other than aviation gasoline, parts for electric motors and generators, soybeans, and urea with nitrogen content, among other products, decreased.
In terms of origin, the largest imports came from Mercosur (23,1%), Chile (34,8%), India (27,2%) and ASEAN (25,9%). On the other hand, there were declines in imports from USMCA (-39,1%), the European Union (-16,9%) and China (-6,3%).
Eleven positive months for 2024
Between January and November 2024, Argentina accumulated a trade surplus of $17.198 million, driven by exports of USD 72.642 million, while imports totaled USD 55.444 million. This result is in contrast to the trade deficit of USD 6.925 million recorded in 2023, which underlines the solid recovery of Argentine foreign trade throughout 2024, according to data provided by INDEC. (Argentine trade. Estimated figures for November 2024)
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