Product of a collapse in exports, the Argentine Commercial Exchange (ICA) in March showed a deficit of US$1,059 million, compared to the surplus of US$271 million in the same month last year, The National Institute of Statistics and Censuses (INDEC) reported this Thursday, a much higher figure than expected by analysts.
Billing for exports fell 22.2% to reach US$5,723 million and imports fell 4.2% to reach US$6,782 million.
Thus, the first quarter left a negative balance of US$1,290 million compared to the profit of US$1,386 million in the same period last year.
An important piece of information is that if the prices of the same month of 2022 had prevailed, the trade balance would have shown a deficit of US$509 million, because the Import Price Index rose 2.3% and that of exports fell 6.5%.
For all this, the country registered a Loss in the terms of trade of US$526 million.
Exports in March showed a fall of US$1,631 million mainly due to lower sales of wheat, some US$463 million, plus another US$740 million from the soybean complexeither because they were also affected by the drought, or because sales were brought forward with the previous export promotion programs
Even the export of biodiesel fell US$187 million; and corn in grain, excluded for planting, US$158 million, among other casualties.
Regarding imported products, in this period there were some falls in gasoi US$327 million; fuel oil, US$117 million; vaccines for human medicine US$59 million; and automatic machine units for treatment or data processing US$42 million.
Regarding imports, there were increases in purchases of soybeans, due to US$576 million, to supply the local oil industry, affected by the lack of inputs due to the drought,
Welded tubes were also purchased, used in oil and/or gas pipelines US$74 millionrelated to the increased oil and gas activity.
In March, the net balance, exports minus imports, of the main products and by-products derived from soybean cultivation registered a a surplus of US$33 million, US$1,454 million lower than that of the same month of the previous year.
The exports US$885 million decreased, while imports increased US$569 million
Meanwhile, the automotive complex, vehicles for transporting people; of merchandise; and chassis, parts and tires, had a negative balance of US$241 million, below the deficit of US$273 million for the same month last year.
Foreign sales increased US$201 million and purchases US$169 million, both compared to the same month of the previous year.
Regarding the fuel and oil sector, among others, a positive balance of US$64 million reversing the US$338 million deficit of last year.
In March, the exchange with Mercosur registered a negative balance of US$1,055 million. 80.9% of the total was destined Brazil; 10%, Uruguay; 7.4% Paraguayan; and 1.6%, Venezuela.
Trade with Mercosur represented 24.8% of exports and 36.5% of total imports.
Source: Ambito
