2023 began with an industry growth of 6.3% against January 2022 and 9.6% against the same month of 2019. It presented the second highest level of January in the entire series (only surpassed by 2018). Thus, the sector remains at the levels of the beginning of 2018. In the month-on-month measurement it also grew by 0.7%, after a December in which production had fallen 1.2% in monthly terms, indicated the Ministry of Industry and Productive Development that It depends on the Ministry of Economy.
Industry Report Highlights
- Of the 16 industrial sectors, 14 of them grew compared to the same month of 2022 and 13 did so against December 2022.
- Compared to January 2022, the sectors that grew the most, in order of incidence, were: food and beverages (+9.1%), automotive (+24.8%), metal industries (+8.9%) and consumer products. metal (+15.2%).
- Compared to December, the sectors that grew the most, in order of incidence, were: food and beverages (+2%), wood and paper (+2.1%), rubber products (+4.0%) and automotive (+ 4.6%).
In February, the automotive industry increased vehicle production in the country by 22.9%. In the first two months of the year the increase is 30.5%. Car exports also increased: +19.7% against February 2022. Accumulate 20.4% increase in the first two-month period.
“The growth of the automotive industry is the result of a strong boost from the State based on a law that was approved unanimously in Congress and the commitment of companies and workers to increase productivity and employment. The automotive sector is a sample of what Argentina can achieve when there are agreements for the development and industrial capacity of the country.”, stand out from Economy.
The economy report is similar to other private reports. By case, The report from the UIA Study Center highlighted a growth in industrial activity of 6.5% in 2022 compared to the previous year.
“Looking ahead to 2023, the year began with a good level of activity compared to the previous year, but with a low statistical carryover and a visible slowdown in production. Given the election year and the macroeconomic challenges ahead, the focus of the situation will continue to be on the exchange rate gap, international reserves and import controls, which will condition the dynamics of the activity”, they pointed out from the entity.
For her part, the CAME pointed out that in January the production of the SME manufacturing industry rose 3.5% annually, completing four consecutive months of growth. “4 of the 6 large sectors measured grew. In the monthly comparison, activity practically remained the same with a slight increase of 0.3%”, they highlighted.
“An outstanding data from January was the large proportion of industries that are evaluating or have already decided to make new investments, which reached 46% of the companies in the survey,” the entity’s report detailed, although it added: “In return, companies express concerns that require urgent solutions. In the first place, the administration of the imports of inputs for the national production supposes a real and concrete restriction to the development of the local industry. Finally, it is worth noting the fear that the future of the agricultural campaign generates in the food, machinery and transport material industry”.