Exports rose 14.9% year-on-year to US$6.793 billion, while imports fell 29.8% to US$4.830 billion.
He Trade surplus accelerated to US$1.963 billion in August, mainly as a result of the fall in imports (-30%), according to INDEC. The postponement of external purchases by companies, awaiting the reduction in the PAIS tax, had a significant impact.
The analysis of the Argentine Trade Exchange (ICA) reported that in the eighth month of the year Acquisitions from other countries totaled approximately US$4.83 billion29.8% less than in the same month of 2023. Likewise, Exports rose 14.9% year-on-year to US$6.793 billion.
The positive balance was the highest in the last three monthsThe improvement compared to July was mainly due to the fact that imports contracted by US$816 million, as exports also fell, but to a lesser extent (-US$428 million).
Imports collapsed after confirmation of the reduction in the PAIS tax
In relation to August 2023, The drop in imports represented a saving of US$2.054 million. At the level of economic use, The most significant year-on-year drop was recorded in intermediate goods (-US$974 million)In parallel, between capital goods and their parts, the decline meant another US$940 million.
At the product level, The main reduction was in soybeansfollowed by wind turbines, electronic industry inputs and some fuels.
“Imports fell this month, diluting the recovery they had in July. This could be explained by a possible lower activity in August or the wait for the removal of the PAIS tax in September. August was, in seasonally adjusted terms, the month with the fewest purchases of the year“, stressed the LCG consultancy.
On the foreign sales side, The annual increase implied a contribution of US$883 million. Agricultural and industrial manufactures accounted for almost all of the increase. Segmenting by product, the increases in soybeans and their derivatives, gold and automotive exports stood out.
This was the ninth consecutive month with a trade surplus. In addition, The accumulated result so far in 2024 amounted to US$14,151 million.
Source: Ambito
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