In August 2021, Argentina reported a trade surplus of USD 2.339 billion, the highest since November 2019, INDEC reported on Wednesday (22.09.2021). The improvement was driven by a strong increase in exports, which climbed to their highest monthly level since May 2013.
In the last eight months, foreign currency income through trade amounts to USD 10.649 million. These official data show that foreign trade is one of the key sectors that provides genuine dollars to Argentina in a context of weakness in the liquid reserves of the Central Bank.
According to INDEC, Exports reached USD 8.093 million, which meant a annual increase of 63,3%. The jump was due to a combination of a 30% increase in prices and a 25,7% increase in quantities. All export sectors grew: primary products grew by 69,2%; industrial manufactures by 60,4%; agricultural manufactures by 46,8%; and fuels and energy by 182,4%.
In parallel, the August imports totaled USD 5.754 billion, with a increase of 64%. The improvement was most marked by quantities, which increased by 33,4%, while prices rose by 22,8%. All economic uses registered positive variations, except for passenger motor vehicles, which fell by 4,2%. Capital goods grew by 38,3%; intermediate goods, by 61,1%; and parts and accessories for capital goods, by 88%.
Consumer goods also showed growth of 18,7%, well below the average for imports. The difference is due to the weakness of purchasing power measured in dollars and the import management policy through non-automatic licenses. Regarding fuels and lubricants, they rose 222,8% due to liquefied natural gas and diesel to meet winter demand.
The INDEC report reflects that most of the exports in August were directed to Brazil (14%), China (8,7%) and the United States (6,2%). On the import side, the main suppliers were the same three, but in a different order: China (20,3%), Brazil (20,1%) and the USA (9,6%)system. (INDEC technical report)
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