In October 2024, the Argentine trade balance registered a surplus of $888 million, marking a significant improvement compared to the deficit of USD 454 million observed in the same month last year, official sources reported on Wednesday (20.11.2024).
According to the National Institute of Statistics and Census (Indec), this positive result represents the eighth consecutive month of surplus, which consolidates a sustained recovery in Argentine foreign trade.
According to the report, the exports totalled USD 7.016 million, representing a year-on-year increase of 30,0%. This growth was mainly due to a 31,08% increase in export quantities, while prices registered a slight decrease of 0,7%.
All major sectors Exports registered improvements in values, with notable increases in: Manufactures of agricultural origin (+77,4%), Fuels and energy (+20,7%), Manufactures of industrial origin (+13,0%), Primary products (+5,7%).
In terms of destinations, exports grew to different regions: MERCOSUR (+24,4%), European Union (+76,6%), ASEAN (+104,3%) and the Middle East (+15,2%). However, there were declines to T-MEC (-9,1%) and China (-41,5%).
Regarding the imports reached USD 6.128 million, 4,9% more than in October 2023. According to INDEC, this increase is explained by a 5,0% rise in imported quantities and a 0,3% rise in prices.
Growth was led by Passenger motor vehicles (+40,8%), Consumer goods (+14,1%), Capital goods (+11,6%), Intermediate goods (+5,3%), Parts and accessories for capital goods (+0,9%), in that order.
However, there was a decline in fuel and energy imports, with quantities falling by 53,1%.
As for the origin of purchases, they grew from MERCOSUR (+29,4%), Chile (+65,6%), ASEAN (+14,7%) and China (+0,8%).
On the other hand, imports from the USMCA (-24,8%) and the European Union (-16,5%) contracted.
Period January-October 2024
In addition to the above, INDEC data indicate that, in the first ten months of 2024, Argentine exports totaled USD 66.154 million, reflecting an increase of 16,9% compared to the same period of the previous year. In contrast, imports reached USD 50.199 million, representing a drop of 21,5%. As a result, the trade balance for the period closed with a Positive balance of USD 15.955 billion, which confirms an improvement in the country's trade balance.(INDEC Technical Report)
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