A report from the Argentine Chamber of Commerce (CAC) reveals this Friday (06.09.2024) a year-on-year growth of 2,5% in Argentine exports to Brazil, while imports from that destination decreased by 17,2%. This is the third consecutive month with a positive balance, reaching a total of USD 1.168 million in exports. However, imports from Brazil showed a year-on-year drop of 17,2%, totaling USD 1.183 million. As a result, the trade balance for Argentina was a deficit of USD 15 million.
El bilateral tradeThe trade between Argentina and Brazil amounted to USD 2351 million in the eighth month of the year, 8,5% lower than the value obtained in the same period of 2023, when it was USD 2568 million. Compared to July of this year, the exchange fell by 0,7%, due to a decrease in exports of 2,7%, despite an increase in imports of 1,4%.
Trade between the two countries accumulates in the first eight months of the year a positive balance for Argentina of USD 126 million. In this period, exports increased by 4,6% compared to the same period in 2023, while imports from Brazil decreased by 33,4%.
The report noted that the year-on-year increase in Argentina's exports to Brazil was mainly due to the rise products such as uncrushed wheat and rye, motor vehicles for the transport of goods and special uses, passenger motor vehicles, aluminum and motor vehicle parts and accessories. On the other hand, the year-on-year drop in Argentine imports was mainly explained by the decrease in soybeans, motor vehicle parts and accessories, electric energy, iron ore and concentrates and finished products and iron ingots.
Argentina's position in Brazil's trade
Argentina ranked fourth among Brazil's largest suppliers, behind China and Hong Kong and Macao, the United States and Germany. In turn, among Brazil's main buyers, Argentina ranked third, behind China, Hong Kong and Macao and the United States.
Brazil's global trade
Brazil's exports to the world decreased by 6,5% in August 2024 compared to the same month in 2023, reaching USD 29.079 million. However, total imports increased by 13,0% compared to those recorded a year ago. Thus, the Brazilian trade result was in surplus, thus extending the country's positive trend to 31 consecutive months with a surplus balance.
The Central Bank of Brazil has adjusted its growth expectations for 2024, raising them from 2,20% to 2,46%. The Selic interest rate is also expected to remain at 10,50% (identical to the current level).
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