Argentina achieved a trade surplus of USD 1.575 billion, when in July 2023 the result had been a deficit of USD 700 million, the National Institute of Statistics and Census (INDEC) reported on Tuesday (20.08.2024).
The positive balance is due to the fact that the exports amounted to USD 7.221 million and increased by 19,2% due to the fact that the growth in export quantities (25,4%) exceeded the fall in prices (5,1%).
Regarding the major items, the most notable increases were fuel and energy (42%), agricultural manufactures (29,1%) and primary products (19,7%). Meanwhile, manufactures of industrial origin did not register any year-on-year variation.
The imports, on the other hand, totaled USD 5.646 million, registering a year-on-year drop of 16,5%, due to the decrease in imported quantities (-11,5%) and in prices (-5,5%).
They all diminished economic uses, except for motor vehicles. The most significant reductions were in fuels and lubricants (-33,5%), parts and accessories for capital goods (-23,5%), intermediate goods (-17,2%), capital goods (-13,3%), consumer goods (-4,3%), in that order. Meanwhile, motor vehicles registered an increase of 413,1%.
About the markets, shipments to Mercosur (8,7%), China (4,3%), European Union (25,5%), UMSCA (USA, Mexico and Canada 37,5%), Chile (45,2), Asean (20,8%) and the Middle East (48,1%) grew.
Meanwhile, imports fell from Mercosur (-18,8%), China (-25,5%), EU (-11,6%), UMSCA (-25,6%) and ASEAN (-30,6%).
Seven months of 2024
As a result of the above, Argentina accumulated a Trade surplus of USD 12.262 billion in the first seven months of 2024, as exports amounted to USD 45.397 million and imports to USD 33.135 million.
This result contrasts with the trade deficit of USD 6.925 billion reached last year. (Argentine trade. Estimated figures for July 2024)
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