The exchange delay, commercial opening and economic reactivation explained this dynamic. The increase in investment was also caused by the imported segment.
Imports represented 32% of the Gross Domestic Product (GDP) in the first quarter of 2025, the highest value of the last 135 years. It happened as a consequence of a combo that included a price of the cheap dollar, a greater commercial opening and economic reactivation.
According to the activity progress report published by the INDEC At the beginning of this week, purchases abroad hit a year -on -year jump of 42.8% between January and March, while grewing 17.7% compared to the last quarter of last yeardiscounting seasonal factors.
Thus, in terms of GDP they touched a maximum since 1890, at which time the weight of imports marked an unpublished 50%figure. Daniel SchteingartDirector of Productive Planning of Fundar, explained that this dynamic responds fundamentally to three causes.
image.png
The causes of the record in imports
First, the specialist highlighted the deregulation of processes related to foreign trade and Down of tariffs. In the second instance, he stressed to exchange delaywhich reduced products from abroad and also tourism outside the country (which Indec records as importation and is at record levels). Finally, he recalled that, When the Argentine economy grows, as it did since mid -2024, imports do even more (The historical average gives a relationship of almost 3 to 1), since companies need more supplies and spare parts, and people consume more, including imported products.
WhatsApp Image 2025-06-24 at 15.09.18 (2) .jpeg
This exponential growth of imports also It was one of the causes that explained a record per capita record of the last decade. The economist Martín Carrio said that the surprise of the data for many “has to do with what it is confused what private consumption measures.” “The consumption of residents is basically measured. If an Argentine goes on a trip, or buys things through Amazon, the local consumption and activity rises. In fact, the graph is quite similar to the real exchange rate invested,” he said.
GDP grew annually in the first quarter: what role does investment play
The preliminary estimation of INDEC for the GDP of the first quarter showed an increase in 5.8% in relation to the same period of the previous year. Likewise, the de -stationalized series showed an increase in 0.8%less than the 1.5% that had given the monthly estimator of Economic Activity (EMAE).
In addition to the increase in private consumption, increases were also verified in the investment. Even so, In terms of GDP, this component remained almost at the same levels of the first quarter of 2023.
“The investment remained but changed its composition, since Public investment fell a lot. In the discussion of productivity we have to put the one generated by the public work. Little will Volvo trucks serve us if we have impassable routes, “said analyst Juan Snow.
“A relevant fact to understand everything is the dynamics in investment in machinerywhich rose 9% compared to the same period of 2023, but thanks to the imported machinery (+27%), since The national sank 20%“He added.
Source: Ambito
