In September, Argentina achieved a trade surplus of US$ 981 million and thus accumulates a favorable balance of US$ 15,132 million so far this year.
The INDEC presented the trade balance data for September, with a jump of 20.6% in exports to reach US$6,934 million with a significant increase in quantities.
As for imports, they totaled US$5,954 million and they decreased by 8.8% compared to the same month in 2023. From the consulting firm Abeceb they point out that “this is the lowest drop so far this year as a result of the incipient economic reactivation in conjunction with some first liberalization measures as was the reduction of the Country Tax”.
Regarding bilateral trade with Brazil, the highest deficit was verified since November 2023 with a negative balance of US$ 151 million in the ninth month of the yearreversing the positive balance of the previous month.
Exported values grew exclusively due to a strong boom in increases in exported quantities (25.9%), while prices fell 4.2% annually. All items increased except Primary Products, which fell 1%. until the US$ 1,413 million, given that quantities rose by 10.1% while prices fell by 9.8%, with cereals reporting a decrease in their export value of 13.5% compared to September 2023.
For its part, the strong increase in exported quantities was driven mainly by the agricultural manufacturing sector, which saw its shipments grow by 60.4% annually and a drop of 7.8% in prices. In this way he reached the US$2,672 million the highest since December 2021, thanks to food residues and waste that grew by 62.5% year-on-year.
Also relevant were the increases in Manufactures of Industrial Origin (7.2%), which reached US$2,073 million highest-selling product, chemical and related products and stones, precious metals and their manufactures.
Finally, exports tied to Fuels and Energy were US$776 million, an advance of 33.5%, due to an increase in quantities (53.6%) that was partially offset by a drop in prices (-12.8%).
Regarding the automotive industry, Abeceb states that the balance was negative in US$336 millionbut showing an improvement of 8.0% with respect to the deficit of US$366 million in September 2023.
Regarding imports, values contracted 8.8% annually in September versus twelve months ago. This decrease was explained by both a contraction in imported volumes of 7.1% annually (although improving compared to previous months), and a slight decrease in prices of 1.8% year-on-year.
So far in 2024, imports have fallen 24.2% compared to the first nine months of 2023, although slowing for the third consecutive month.
The consulting firm LCG adds that the energy trade balance increased compared to August, reaching US$610 million. “The end of winter returns the surplus to values similar to those at the beginning of the year“. This corresponds to an increase in exported values (33%) explained mainly by the quantities of the NK gas pipeline (53.6%) and a decrease in imported values (-68%) due to both prices and quantities.
“Focused on achieving a more accelerated disinflation process, the government progressively encourages the opening of imports: to the reduction of Country Tax rates, the recent reductions in tariffs and simplifications in processes are added, all in a context of greater exchange rate delay . This suggests that, even at the cost of giving up scarce reserves, imports will gain momentum. We estimate that imports will reach US$59 billion by the end of the year. In the case of exports, we project US$78 billion by the end of the year,” says LCG.