Despite the improvement, in the first six months of 2023 the balance of energy dollars was negative for US$735 million
The balance of energy dollars improved by US$1,971 million in the interannual comparison with June of last year. When decomposing the variation of the dollar balance of energy, it is found that the price effect generated an extra of US$654 million and the quantity effect one of US$1,317 million.
“The main contribution of dollars came from the side of the savings generated by lower imports. Due to the lower price of imported energy, US$1,164 million were saved and due to the lower amount of imported energy, savings were US$1,045 million. The sum gives the figure of US$2,209 million,” said economist Nadin Argañaraz.
The same report indicated that the energy balance it was negative for US$735 million in the first six months of 2023.
In terms of exports, he relieved the same analysis, The larger exported quantities offset the lower price, with a negative effect on the dollar balance of US$238 million (US$273 million more due to higher physical exports and US$511 million less due to lower export prices).
“The net contribution of dollars compared to the first half of 2022 is significant. The total trade balance had a loss of US$7,365 million in the same period, mainly hit by the drop in exports of primary products,” the economist closed.
Source: Ambito
