Trade closed August with a deficit of USD 300 million and thus added the third consecutive month with a negative result, mainly impacted by purchases of fuels and lubricants, the National Institute of Statistics and Census (Indec) reported this Thursday (21.09.2022).
The red in August was added to the USD 437 million recorded in July and USD 115 million in June.
However, in the cumulative total of first eight months of the year, trade exchange showed a surplus of $2.193 million, down from USD 10.655 billion in January-August 2021.
So far this year, imports have increased by 21% in price and 18,7% in quantity.
For its part, the values of the products exported by the country rose by an average of 19,7%, while the quantities fell by 1,6% compared to the same period in 2021.
In this context, the country recorded a loss in terms of trade of USD 563 million between January and August, and USD 197 million in the eighth month, the agency said.
Indec noted that "if the prices of the same month of the previous year had prevailed, the trade balance would have shown a deficit of US$ 63 million in August."
Performance in August
In August, the exports they added $7.537 million, having a 6,9% decrease year-on-year, while imports were worth USD 7.837 million, with an increase of 36,2% compared to the same month in 2021.
Trade (exports plus imports) thus increased by 11% compared to the same month of the previous year, reaching US$15.374 billion.
During the eighth month of the year, purchases of processed fuels and lubricants were particularly notable, showing the highest year-on-year growth in percentage terms with an increase of 68,3% and reaching a total of USD 1.336 million.
Next in line were imports of capital goods, which grew by 44,5% and totaled US$1.159 million.
However, in absolute terms, most of the imports corresponded to intermediate goods with a total of $2.974 million and a share of 37,9% on the total import basket.
"Imports increased by 36,2% compared to the same month last year (2.083 billion dollars), as a result of a 15,3% increase in prices and an 18,2% increase in quantities," the statistical institute said.
Specifically, there were increases in purchases of diesel fuel (USD 270 million), natural gas in gaseous state (USD 121 million), and wind power generators (USD 52 million), the public agency detailed.
Regarding exports, in August all items grew, except for primary products (PP), which fell by 27,4% year-on-year. Fuels and energy (CyE) rose by 6,8%; manufactures of agricultural origin (MOA), by 5,2%; and manufactures of industrial origin (MOI), by 0,7%.
Exports totalled USD 7.537 billion in August, down 6,9% year-on-year, due to a 16,9% drop in quantities and an 11,9% increase in prices.
The year-on-year drop in foreign sales was mainly due to lower sales of soybeans; biodiesel and its mixtures; electric power; flour and pellets from the extraction of soybean oil; and corn grain, the institute said.
In addition, Indec reported that during August transportation costs continued to rise, since the unit value of international freight was USD 129 per ton, 63,7% higher than the same period in 2021 (USD 78,8 per ton) and an increase of 154,4% compared to the same month in 2020 (USD 50,7 dollars).
International trade
Regarding trade with the main partners, in August the trade balance was negative with the four main ones (Brazil, China, European Union and United States); while was positive with the India and Chile, which are in fifth and sixth place.
At the regional level, with the member countries of the Mercosur The exchange recorded a balance in August negative of USD 253 million, as a result of sales of USD 1.474 million and purchases of USD 1.728 million.
Source: Telam
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