Foreign Trade in 2023
The year 2023 presented significant challenges for foreign trade taking into account the particular year with elections and a new government. Below we reflect on a detailed analysis of imports and exports.
Imports:
External purchases experienced a decrease of 9.6%, mainly attributed to lower prices (-5.8%) and quantities (-4.1%). This decline was influenced by restrictions on imports and a drop in economic activity of 1.3% during January-November 2023. The largest reduction was observed in fuels and lubricants (-38.4%), followed by industrial goods. capital (-11.3%) and passenger motor vehicles (-7.4%). However, purchases of parts and accessories for capital goods increased by 6.2%.
During the year, the lower purchases of diesel oil, gaseous natural gas, liquefied natural gas, fuel oil, urea, monoammonium phosphate, glyphosate, vaccines, bituminous coal and gasoline stood out; while imports of soybeans for processing increased.
Exports:
External sales also suffered a decrease of 24.5% year-on-year, due to lower quantities (-16.4%) and prices (-9.7%). This drop was reflected in all export categories, with the most affected being Primary Products (-39.4%) and Manufactures of Agricultural Origin (-27.9%).
Among the products that contributed the most to this decrease are soybean, wheat, corn pellets, soybean oil, soybeans, biodiesel, beef and sunflower oil.
Destinations and Trends:
Exports to the main destinations also experienced significant declines, with a decrease of 36.8% to the European Union, 34.2% to China, 15.7% to the United States and 6.0% to Brazil.
International Freight Costs:
Finally, the analysis reveals a significant reduction in international freight costs for Argentine imports, going from US$ 148.1 per ton in December 2022 to US$ 82.9 in December 2023, which represents a decrease in 44.0%.
These are the movements that the main ferrous metals that play such an important role for various industrial sectors around the world have had during 2023.
Source: cira.org.ar
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