The amount represents almost double the level recorded in the pre-pandemic, a figure driven by the exchange difference.
The expense of Uruguayans in Argentina reached 363 million dollars during the third quarter of the year, which represents practically double that in the same period of 2019, in the prepandemic.
Tourism to the neighboring country was boosted by the exchange difference, with constant crossings to make purchases and take advantage of a price gap that is growing and reached its maximum historical value of 180%, according to data from the UCU.
According to information published by CPA economist Ferrere, Nicolas Cichevski, between July and September of this year the spending of Uruguayans abroad reached a total of 562 million dollars, which represents a real growth of 44% compared to the pre-pandemic and an increase of 25% in relation to the maximum of 2013. In comparison, income from tourism They were for 323 million dollars, a minimum level comparable to 2019 and 2014
Furthermore, in the annual measurement, the balance of the tourist balance between October 2022 and last September, which arises from the difference between incoming and outbound tourism, was negative by 70 million dollars, which represents 0.1% of the GDP. In any case, Cichevski clarified on his social networks that the figure is far from the average accumulated between 2011 and 2019, of 1.2 billion dollars, equivalent to 1.5% of GDP.
The diversion of consumption will impact collection
The significant flow of Uruguayans who travel to Argentina to take advantage of the exchange difference will cause a deviation that is worrying and could take away half of the growth in consumption, expected at 3% for this year, according to Ambit the analyst Florencia Carriquiry, consulting partner Exante.
The situation is followed with concern by the government, mainly due to the lower perception of VAT. In fact, the minister of Economy and Finance, Azucena Arbeleche, admitted that “Uruguayan purchases in Argentina harm the growth and tax collection of Uruguay”.
In fact, in the second quarter the collection of VAT fell 1.71% in real terms, according to data from the September economic bulletin of the Chamber of Commerce and Services of Uruguay, a situation that can be interpreted from the decrease in domestic consumption, to the detriment of the increase in purchases in the neighboring country.
Source: Ambito
