The effects of the COVID-19 pandemic are still being felt in the global and national economy, which are transmitted to foreign trade, which has not yet been able to recover the pace of 2019.
According to National Institute of Statistics and Census (INDEC), trade exchange fell 9,3% in September compared to the same period last year and reached a value of US$ 8.838 billion.
Last month lExports were US$ 4.711 millions, while the Imports reached US$ 4.127 billion. Given these figures, the trade balance registered a trade surplus of US$ 584 million.
The trade surplus is US$ 1.160 billion lower than in the same month of 2019, mainly due to the fall in exports of US$ 1.035 billion and a rise of US$ 125 million in imports.
Exports
Exports in September decreased by 18,0% (- US$ 1.035 million) compared to the same month in 2019, due to a 2,0% drop in prices and 16,31% in quantities. In seasonally adjusted terms, exports decreased by 4,7% compared to August of this year, while the cycle trend showed a negative variation of 0,6%.
Exports of All sectors fell year-on-year. The largest decline was -35,1% and corresponded to fuels and energy, followed by primary products (-29,8%), industrial manufactures (-19,4%) and agricultural manufactures (-5,0%).
As for the destination of exports, Brazil became Argentina's number one trading partner, leaving China behind behind: in September, US$ 774 million were exported to the neighboring country (a decrease of -4,8% compared to the same period of the previous year), while US$ 310 million were exported to the Asian Giant (which meant a collapse of -65,0% compared to September 2019).
The ranking is completed by the United States (US$ 261 million), Chile (US$ 256 million), the Netherlands (US$ 221 million), Vietnam (US$ 219 million), India (US$ 188 million), Peru (US$ 134 million), Spain (US$ 124 million) and Uruguay (US$ 110 million), among others.
Imports
Regarding imports, in September increased by 3,1% (US$ 125 million) compared to the same month of the previous year. In detail, quantities grew by 5,7%, while prices fell by 2,4%. In seasonally adjusted terms, imports increased by 22,7% compared to August of this year, while the cycle trend showed a positive variation of 0,7%.
“It should be noted that September 2020 It was the first month that presented a positive interannual variation since September 2018. After 22 consecutive months of negative inter-monthly variations, the cycle trend showed increases in August 2020 and September 2020 of 0,4% and 0,7%, respectively," said Indec.
The category Other imports grew 109,5% year-on-year, followed by Intermediate goods (12,6%), Passenger motor vehicles (11,4%), Consumer goods (10,9%) and Capital goods (9,4%). In contrast, imports of Fuels and lubricants fell -30,2% compared to 2019 and those of Parts and accessories -13,2%.
The main countries of origin of imports were Brazil (US$ 903 million and a positive variation of 11,50% year-on-year), China (US$ 890 million and 12,1%) and the United States (US$ 345 million and -35,6%).
They completed the list Paraguay (US$ 248 million), Germany (US$ 178 million), India (US$ 100 million), Italy (US$ 85 million), Vietnam (US$ 83 million), Mexico (US$ 82 million), Bolivia (US$ 79 million), among others.
Surplus balance
Finally, the four major countries with which a surplus result was obtained were Chile ($201 million), Netherlands ($171 million), Vietnam (US$ 135 million) and Peru (US $ 119 million).
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