The first official numbers of the Central Bank (BCRA) of 2025 and The last January registration shows that the Services account had a deficit of 1,187 million dollars widely exceeding the last results and being the highest since February 2018. But perhaps the most disturbing is that lAt current exchange account, it marked a deficit of US $ 1,656 million per eighth consecutive month, being the highest since August 2024.
According to the BCRA, the services deficit last January is due to the Net expenses, mainly, in concept of “trips, tickets and other payments with card” for US $ 1,112 million, and to a lesser extent by those linked to “freight and insurance” for US $ 199 million and “other services” for US $ 168 million. These negative flows were partially compensated by the Net income for “business, professionals and technical services” that added US $ 292 million. How were the numbers of January 2025?
On the side of gross income, those linked to business, professionals and technical services experienced an interannual increase of 62% totaling US $ 645 million, while associates with trips, tickets and other card payments increased by 41% au $ 374 million while those of freight and insurance rose 37% au $30 million.
While, on the side of gross expenses, The growth of travel, passages and other payments with a 223% year -on -year card AU $ 1,486 million, followed by business, professionals and technical services with 368% Au $ 521 million and that of freight and insurance with a 691% increase in increased increases au $ 229 million.
This way The total income increased by 53% year -on -year Au $ 1,049 million versus the expenses that did so by 273% Au $ 2.236 million. Thus the balance went from a surplus of US $ 84 million in January 2024 to a deficit of US $ 1,187 million last January.
Trips and cards: 70% are customer funds says BCRA
“It should be noted that around 70% of travel, tickets and other card payments are directly canceled by customers with their own funds In foreign currency, what reduces the deficit impact of these consumptions on the change market and international reserves”, Says the BCRA. It is that like what happens with exports of goods, up to 20% of service exports charges can be admitted to the country through the stock market within the framework of the Export Increase Program (PIE). So this portion of the income does not appear in the published statistics of the exchange market and exchange balance for not making any record in the informative regime of change operations (except for those charges that enter and are deposited in local accounts in foreign currency for subsequent liquidation in the stock market, which are registered as exchange operations).
The BCRA also emphasizes that the Last December 22 The validity of the country tax came to an endwhich was 7.5% for imports of goods, for the payment of freight and transport services for import or export operations of goods, profits and dividends and repatriation of non -resident investments. The same for the 30% rate for tickets for bills and currencies for treasury and travel and ticket expenses.
In turn, through communication “A” 8153 of the BCRA, of December 12, it was established that, to As of January 1, 2025, the maximum currency that service exporters can enter without obligation to liquidate them per calendar year increases.
Services: a deficit dimension
On the other hand, the operations for primary income represented a net exit of US $ S911 million in January 2025, explained by net interest payments for US $ 898 million and net expenditures of profits, dividends and other income abroad for US $ 13. For their part, the Government and the BCRA made gross interest cancellations for US $ 661 million, a amount composed of gross cancellations for public titles and other concepts for US $ 498 million YU $ S162 million turned to international organizations (the IMF excluded). On the other hand, the gross cancellations of interest in the private sector amounted to AU $ S290 million. Finally, secondary income operations represented a net income of US $17 million.
To dimension the service deficit, it is worth noting that the operations of the current exchange account of the BCRA recorded a deficit of US $ 1,656 million, explained by net expenses in the “services” and “primary income” accounts, for US $ 1,187 million YU $ S911 million, which were partially compensated by the net income of the “goods” and “secondary income” accounts YU $ S17 million, respectively.
Source: Ambito
