The check Services of the Central Bank Exchange Balance (BCRA) registered a U $ 1,161 million deficit in Aprilnot only exceeding the same month of 2024 (-U $ S978 million) but being the second highest of the year and similar to the maximum registered at the beginning of 2018.
According to the BCRA, the April deficit was explained by the net expenses for travel, tickets and other card payments for US $ 863 millionof Other services for US $307 millionand of Freight and insurance for US $ 230 million. This negative net flow was barely compensated by net income for Business, professionals and technicians for US $239 million.
Deficit accumulated in 2025 already exceeds 85% of the annual total of 2024
In this way, the services sector A deficit of US $ 4,185 million accumulates in the first four -month period of 2025what represents More than 85% of the red of all 2024.
Even so, the imbalance continues Far from 2017 and 2022 recordswhen he overcame the U $ 10,000 million. Is not less than the Tourism deficit It has been Similar to the summer seasonsomething atypical for April.
Regulatory changes released payments and pushed expenses
As an additional factor, the BCRA recalled that from the April 14 HE They flexible the deadlines for paying foreign trade servicesallowing many operations to pay From the moment of service provision (Before, they had to wait 30 days). This change was announced as part of the Phase III of the Economic Programwhich included the new exchange flotation regime between bands.
Regarding tourism, the BCRA estimates that about 60% of expenses by “Trips, tickets and other card payments” were canceled by customers with their own dollarswhich reduced the net impact on reserves. If not, the currency drain would have been greater.
It also emphasizes that, until April, up to 20% of service exports charges could enter the country through Stock marketwithin the framework of the Export Increase Program (Pie). Like that portion It is not recorded in official statistics of the change market (except when they are deposited in local accounts in dollars for later exchange), The interannual comparison is distorted. It should be noted that the Decree 269 of the April 14 He repealed this program.
Strong increase in desk for intellectual property
Another relevant item of the deficit was that of Charges for intellectual propertywhich implied a red More than US $142 millionhe higher since April 2022and the Second consecutive month With high figures.
As for Primary admission operationsthey represented one Net exit of US $ 705 million In April, composed of Net interest payments for US $ 697 million and net expenses for profits, dividends and other income abroad for US $ 8 million.
The BCRA recalled that from the April 14 The Cancellation of compensatory interests accrued as of January 1, 2025 by debts with linked companies, and also the Distribution of utilities to shareholders abroad For financial exercises initiated in 2025.
He Government and BCRA They performed gross interest cancellations for US $ 349 millionincluding payments for public titles and other concepts for US $ 191 millionand turns to international organizations (excluded the IMF) for US $ 158 million. Meanwhile, the interest cancellations of the private sector ascended to U $ S194 million.
Finally, the operations of Secondary income They threw a Net income of US $16 million.
All this contributed to the bulky exchange deficit of the services sector in Aprilwhich maintains pressures on the external front and puts the magnifying glass on the expenses for tourism and intangible services.
Source: Ambito
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