The Argentine exports reported a growth of the 20.6% year-on-year in September upon reaching the US$6,934 million. The Imports fell 8.8% year-on-year. The result showed a surplus in September of US$981 millionfor which it registers ten consecutive months of positive balance.
The consulting firm ABECEB reported this Sunday that the increase was driven by a strong growth in exported quantitieswhich rose 25.9%, while the prices experienced a drop of 4.2%. This growth in quantities allowed the country to maintain an upward path, now adding nine consecutive months of year-on-year increases in foreign sales.
In that scenario, Argentina registered a trade surplus of US$981 million during Septemberfor which it registers ten consecutive months of positive balance. Although it was the lowest balance since January, in nine months it has already the balance was reversed from the deficit of US$6,944 million in 2023 to surplus of US$15,132 million in 2024.
This result is among the highest in the last three decades. and evidences the recovery of the trade balance, driven by both an increase in exports and a moderation in the fall in imports.
Projections point to a surplus close to US$19,954 million of dollars for the total of 2024. However, seasonality is expected to be unfavorable in the last quarter of the year.
Argentine exports in September 2024
Among the sectors most prominent, the Manufactures of Agricultural Origin (MOA) they experienced a notable growth of 47.8% in valuereaching the US$2,672 million of dollars. This increase was largely driven by food waste and waste, which grew 62.5% year-on-year.
Furthermore, the Manufactures of Industrial Origin (MOI) They also showed progress, with a increase of 7.2% year-on-yeardriven by higher product sales chemicals and precious metals.
He energy sector also contributed to the growth of exports, with a year-on-year increase of 33.5%driven by a strong increase in the exported quantities of crude oil and petroleum gas. However, the prices of these products suffered a significant drop, which moderated the positive impact on total exports.
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Argentine imports in September
As for the imports, a was recorded decrease of 8.8% year-on-year, totalizing US$5,954 million of dollars. This contraction was smaller than the falls observed in previous months, reflecting an incipient economic reactivation and the first liberalization measures, such as the reduction of the Country Taxwhich boosted the demand for imported goods.
However, the Imports have fallen by 24.2% so far this year, although showing signs of slowing down in its contraction.
The items that contributed most to the drop in imports were the Fuels and Lubricants, what is plummeted 67.9% year-on-yearand the parts and accessories for capital goods, which fell 13.6%. On the other hand, imports of consumer goods grew 15% year-on-yearshowing a recovery for the first time since November 2023.
In bilateral trade with Brazil, Argentina recorded a deficit of US$151 million of dollars in September, the highest since November 2023. Although exports to Brazil were the highest since October 2023, reaching US$1,312 million of dollars, the imports from that country they totaled US$1,463 million, which generated a negative balance.
This result reverts the surplus that had been recorded in August and reflects the complex trade scene with Argentina’s main trading partner in the region.
Source: Ambito
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