He INDEC published last Wednesday the data on the “balance of payments, PII and external debt of the first quarter of 2025”, that marked a deficit in the balance of goods and services of US $ 5,191 million, of those who U $ S4.502 correspond to a negative balance of the Commercial Services balance. Given these numbers, the chief of cabinet, Guillermo Francos explained that the government “continues” the situation in the external accounts and denied that it will be applied A devaluation.
“There are several sectors of the economy that would expect a Government’s action to devalue weight, but that will not happen”, Said the official and recalled that the free change will continue to govern” within the bands “and that the government will only intervene “On the floor or on the roof.”
As the document details, this result was explained mainly due to travel deficits (US $ 2,755 million) And, to a lesser extent, Transport (U $ 407 million). Among other services that also presented deficits were the Financial (US $ 550 million), business (US $ 445 million) and telecommunications, computer science and information (US $ 233 million), reflecting a growing dependence on exterior services in key sectors of the digital and corporate economy.
Regarding the data, Francos defended the management that the president, Javier Milei and the Minister of Economy, Luis “Toto” Caputo and said that from Casa Rosada “the numbers are closely”, although they believe that they are part of an “important change of policy” and not an alarm about the economic model. “First, there is freedom of change. Inside the bands, the dollar moves freely “, The chief of cabinet recalled.
Then, he deepened: “It is also true that Argentina was decapitized and a large part of those dollars that came out are to import capital goods. If we have a growing economy in order of 6% comparatively with the previous year, clearly That growth demands investments and investments in capital goods are part of those dollars that have left the country“
Thus, Franks continued with the logic raised by the President and the Secretary of Economic Policy, José Luis Daza, who assured that the current account deficit is due to the “investment” and the growth of the economy.
After this, the Chief of Cabinet also crossed the sectors that are waiting for the government Make a devaluation. “There are several sectors of the economy that would expect a government action to devalue the weight, but that will not happen,” sentenced.
In this sense, Francos recalled that the current scheme is “free change governs within the bands” and that the government will only intervene “on the floor or on the roof.” Then, he concluded: “As much as there are interested sectors, if there was a devaluation we would return to the usual history: weights would be emitted and again in the inflation chain. The government will not proceed in that way. “
The service deficit reached a historical record in the first quarter and exceeded US $ 4,500 million
The deficit of the trade balance of services reached a historical record in the first quarter of 2025, when closing with a Negative balance of US $ 4,502 million. The main factor behind this result was the broadcasting tourism, which shows a strong impact on external accounts.
According to data published by INDEC in its payment balance report, the imbalance was mostly explained by the increase in deficit in the “travel” field, which totaled US $ 2,755 millionfollowed by transport, COn a red of US $ 407 million.
Other sectors that also showed significant deficits were the Financial Services (U $ S550 million), Business (US $ 445 million) and those linked to telecommunications, computer science and information (US $ 233 million), reflecting a growing demand for external services in strategic areas such as the digital economy and the corporate sector.
On the other hand, only two items recorded positive balances: lGOVERNMENT SERVICES —Principically embassy and consulate expenses – with a US $ 105 million surplus, and construction, They barely reached U $ S7 million, A marginal amount compared to the size of the total deficit.
This deterioration in the balance of services also coincided with a Fall of 2.4% year -on -year in the surplus of the trade balance of goodswhich was $ 3,276 million during the quarter.
As a result, the net balance of the current account was negative at US $ 1,228 million, marking a turn in relation to the U -surplus$ S1,519 million registered in the same period of 2024.
Source: Ambito
