After the tenth consecutive month of positive balance, the Chamber of Exporters improved the outlook regarding the country’s exports. With this, the Government could have an entire year with a trade surplus, key to keeping the dollar at bay.
In September, Argentina had a trade surplus of US$981 million, marking its tenth consecutive month of positive balance. In this way, the country accumulates a trade surplus of US$15,075 million in the first nine months of 2024. In this framework, the Chamber of Exporters (CERA) estimated that the year will close with accumulated exports of US$77,059 million, increasing its forecast from the US$75,388 million estimated last month. This data fills with expectations because the Government could achieve an entire year with trade surpluskey to increasing the supply of the dollar and sustaining demand.
The following items stood out the most in September:
- Primary products: 10.1% increase in exported quantities compared to August 2023, continuing its recovery after the drought. However, the prices of these goods decreased by 9.8% annually, so the result in value is a decrease of 1%.
- Manufactures of agricultural origin: The exported value increased by 47.8% year-on-year, explained by a 60.4% increase in quantities and a 7.8% decrease in prices.
- Fuels and energy: A similar effect was observed, with an increase in the exported value of 33.5% composed of a 53.6% increase in quantities and a 12.8% decrease in prices.
- Manufactures of industrial origin: There was an increase in exported quantities of 3% and a price increase of 4.2%, highlighting in this area, as in the previous month, the performance of gold.
By products, the four that increased the most in export value during Aug-2024 With respect to Aug-2023, they were flour and pellets from soybean oil extraction (US$395 million); crude soybean oil, whether or not degummed (US$267 million); crude petroleum oils (US$121 million) and gold for non-monetary use, crude forms, excluding powder, of golden alloy or gold bullion (US$75 million).
In parallel, in September 2024 imports were US$5,954. million with a decrease of 8.8% year-on-year, registering the 20th consecutive month of losses, moderating the decline in relation to previous months.
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The trade surplus is key for the Government to keep the dollar in line because imports are still at low values amid the economic recession that the economy is still facing. Taking into account that the bleaching continues until the end of October and the dynamics of greater supply of dollars in the MULC may not change, acting as a “bridge” until December arrives, with the harvest fine without any modification to the exchange rate. In addition, according to ABECEB, there is a growth in exports from the oil sector mainly, offsetting the demand of importers.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
