The Metallurgical industry is going through one of its worst moments: Production fell 2.3% monthly in August and 6.1% year -on -year. As a consequence, the Use of installed capacity collapsed at 44.8%levels similar to those registered during The toughest months of the 2020 pandemic.
The report of the Department of Economic Studies of the Association of Metallurgical Industrialists of the Argentine Republic (Adimra) revealed a difficult panorama: The activity is 17% below its historical maximums and show Just 1.6% of accumulated growth so far this year.
The president of Adimra, Elio del Rewarned that “the national industry is going through very low productive levels, that do not even revert the deep fall of 2024which reflects a generalized stagnation of the activity. “
The use of installed capacity (ICU) recorded a fall of 3.2 percentage points compared to August 2024continuing a decreasing trend that fails to revert. With the current 44.8%, the metallurgical sector operates at historically low levels, comparable only with the March-June period of 2020.
Shadow perspectives and risk of labor adjustments
For this reason, the re staled the urgency of implementing stimulus measures: “We need active policies that reconstitute the productive tissue, because otherwise the current levels will put employment at risk“
Business expectations for the coming months reflect the pessimism of the sector: 74.4% of companies expect their level of production will remain unchanged or decreaseevidencing an increase in stagnation perception.
Even more worrying is the labor landscape: 90.5% of the firms do not expect modifications in their template or anticipate reducing it, which predicts possible adjustments in sectoral employment. Already in August, The employment level recorded an year -on -year drop of 2.9% and a monthly decrease of 0.5%.
Growth engines lose thrust
Divided by sectors, a worrying trend change is evidenced. Agricultural machinerywhich had been one of the few rising segments during the first semester, registered its first contraction of the year with a 1.9% dropabruptly interrupting your recovery process.
Bodybuildings and trailersthe other sector that had shown dynamism with a 6.8%growth, maintained its expansion but at a significantly more moderate rate than in previous months, pointing out a slowdown in its impulse.
The traditionally most punished sectors deepened their setbacks: Autopartes 12.6%collapsed, Foundry 14.4% fell and Capital goods It retreated 8.1%, consolidating a complex scenario without clear recovery signs.
Other segments that had shown signs of stabilization also gave ground: Other metal products (-7.1%), Electrical equipment and devices (-3.4%) and Medical equipment (-1.6%) interrupted the slight positive trend of previous months.
The provincial map of the crisis
At the territorial level, the crisis extends unequally. Santa Fe managed to stay in positive terrain with a lean 0.2%, although far from the leadership he had shown in the first semester.
Buenos Aires was consolidated as the province of worse performancewith a 8.7% drop that deepens the negative trend without achieving stabilization. Córdoba (-4.5%), Mendoza (-4.4%) and Entre Ríos (-2.7%) They also retreated strongly, reversing the partial improvements of the first semester.
Increasing imports, growing commercial deficit
The panorama is completed with Foreign trade data that reflect the loss of competitiveness of the sector. In July, Imports of metallurgical products totaled US $ 2,281 millionan interannual increase of 23%, while Exports reached only US $ 527 milliondespite growing 25.9%.
The import dynamics continues to expand at an average rate of 3.5% monthly since June 2024, when it touched its lowest level, evidencing The growing penetration of foreign products in the domestic market.
Source: Ambito
