Non-ferrous metal prices – first half 2024
Balance of foreign trade in Argentina
Exports and imports in the first quarter of 2024
Between January and April 2024, Argentina experienced a notable surplus in its trade balance, with exports and imports reflecting significant trends in the different sectors of the economy. Below, we detail the behavior of exports, imports and international freight costs in this period.
Foreign Trade in January-April 2024
Between January and April 2024, Argentina’s trade balance recorded a surplus of US$6,157 million. Exports totaled US$23,934 million, while imports were US$17,777 million.
Exports:
During this period, external sales increased by 9.8% year-on-year. This growth was driven by a notable increase in exported quantities (19.8%), although partially offset by a decrease in prices (-8.3%). Primary Products increased by 36.3%, Agricultural Manufactures grew by 7.6% and Fuels and Energy increased by 21.2%. However, Manufactures of Industrial Origin experienced a drop of 10.8%.
Products driving this increase include wheat, petroleum, corn and soybean pellets. On the other hand, shipments of motor vehicles for transporting goods and natural gas decreased. In terms of destinations, exports to Brazil increased by 6.9%, to China by 1.9% and to the United States by 0.8%. Exports to the European Union fell by 13.1%.
Imports:
Imports fell 23.8% due to a combination of lower quantities (-18.9%) and lower prices (-6.1%). This decrease is related to the reduction in economic activity (-5.3% in the first quarter of 2024) and the depreciation of the official exchange rate (-74% year-on-year in April 2024), in addition to the impact of the PAIS tax.
There were significant reductions in imports of fuels and lubricants (-65%), intermediate goods (-21.5%), consumer goods (-21.2%), parts and accessories for capital goods (-20.2% ) and capital goods (-15.5%). However, purchases of passenger motor vehicles increased by 31.6%.
Imports from Brazil fell by 27.9%, from the United States by 24.5%, from China by 22.8% and from the European Union by 18.9%.
Cost of International Freight in Imports
The cost of freight per ton imported into Argentina experienced a slight variation. In March 2023, the cost was 86.3 US$ per ton, increasing to 87 US$ per ton in April 2024, representing a variation of 0.8%.
These data reflect the dynamics of Argentine foreign trade in the first four months of 2024, highlighting both the opportunities and challenges that the country faces in the current global context.
Source: CIRA.ORG.AR
Follow us on the networks:
Enter and discover our wide variety of products in permanent stock.
