Due to a collapse in imports, the trade surplus exceeded US$2 billion in March

Due to a collapse in imports, the trade surplus exceeded US$2 billion in March

He commercial exchange marked a surplus of US$2,059 million in March, the National Institute of Statistics and Censuses (INDEC) reported this Thursday. This positive balance is explained by the imports plummeted by 36.7% year-on-year and exports increased by 11.5%.

The positive balance in March is explained by an 11.5% increase in exports, pushed by the normalization of agriculture and good level of mining activity; and on the other hand for the collapse of imports by 36.7% year-on-year, evidencing the strong economic recession and the exchange rate.

Thus, The trade balance accumulated four consecutive months of trade surplus with a total of US$5,271 millionsince the inauguration of President Javier Milei, last December.

March consolidates the positive trend that began in December 2023. This achievement is attributed to the increase in exported quantities and the reduction in imported quantities, although a slight deterioration in the terms of trade, 1.2%.

In March, exports, in seasonally adjusted terms, fell 0.4%, while the trend-cycle had an increase of 2.4% compared to February. Prices decreased 8.0% and quantities increased 21.3%.

In turn, imports, in seasonally adjusted terms, recorded a decrease of 0.9%, while the trend-cycle decreased 3.6% in relation to February. Prices and quantities decreased 6.9% and 32.1%, respectively.

As for the main trading partners, during March the exchange with Brazil had a surplus of 40 million dollars (US$1,126 exported vs. US$1,086 imported), while China had a deficit of 403 million dollars. (US$310 exported vs US$713 imported), with the United States also negative by 44 million (US$380 vs US$424).

Regarding the first quarter of the year, the trade balance results in a surplus of 4,253 million dollars, as a result of Argentine exports totaling 17,322 million dollars, which meant an increase of 9.0%, while imports totaled 13,070 million dollars, with a decrease of 24.2%.

Source: Ambito

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