According to data from the latest bilateral trade report prepared by the Argentine Chamber of Commerce and Services (CAC), bilateral trade between Argentina and Brazil was US$ 1930 million In the eleventh month of the year, a 20,8% lower than the value obtained in the same period of 2022, when it was US$ 2437 million. Likewise, trade fell by 18,1% compared to last October, due to the drop in imports by 22,6% and exports by 13%.
The sales Argentines to Brazil caIn November 2023, they increased by 23% compared to November 2022 (eighth consecutive month of decline) by totaling US$ 956 million, while the imports from that destination were US$ 974 million and showed a year-on-year decrease of 18,3%. Thus, the trade balance for Argentina showed a deficit of USD 18 million (eleventh consecutive month).
Trade between the two countries accumulates in whats first eleven months of the year a negative balance for Argentinar US$ 4828 millionIt is worth noting that exports decreased by 8,3% between January and November 2023 compared to the eleven months of 2022, while imports from Brazil increased by 10,9% in the same period.
The year-on-year drop in Argentine exports to Brazil recorded in November (23,2%) was mainly due to the decrease in motor vehicles for the transport of goods, crude oil or crude bituminous mineral oils and preparations and cereals, flour or starch from fruits or vegetables, while the year-on-year drop in Argentine imports (18,3%) was mainly explained by the decrease in passenger motor vehicles, piston engines and their parts and iron ores and their concentrates.
Argentina positioned itself in fourth place Among Brazil's largest suppliers, behind China and Hong Kong and Macao (US$ 4467 million), the United States (US$ 2612 million) and Germany (US$ 984 million). In turn, among Brazil's main buyers, Argentina ranked fourth,ebehind China, Hong Kong and Macao (US$ 8803 million), the United States (US$ 3358 million) and the Netherlands (US$ 1443 million).
Brazil's exports to the world increased by 0,6% in November 2023 compared to the same month in 2022, from US$ 27.652 billion to US$ 27.820 billion. Meanwhile, total imports fell by 11,2% compared to those recorded a year ago (US$ 21.452 billion in 2022 vs. US$ 19.044 billion this year). Thus, Brazil's trade result was in surplus - for the twenty-second consecutive month - at US$ 8776 billion, a situation similar to that observed in November 2022: in that month the balance had been positive at US$ 6200 billion.
Market expectations released in November by the Central Bank of Brazil showed a drop compared to the previous month in terms of estimated growth for 2023 (2,84% versus 2,89%). The expectation for annual price increases decreased slightly to 4,54% from 4,63% the previous month. Likewise, the Selic interest rate level is expected to be 11,75%, lower than the current value of 12,25%.
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