Argentine trade exchange – First four months of 2024

Highlights:

• In the January-April period of 2024, exports reached USD 23.9 billion, which represents a 9.8% year-on-year increase, explained by a 19.8% increase in quantities exported that exceeded the 8.3% drop in prices.
• Imports amounted to USD 17.8 billion and fell 23.8% in year-on-year terms, resulting from a drop of 6.1% in prices and of 18.9% in quantities imported. This is mainly due to lower prices of intermediate goods and a decrease in imported quantities of fuels and lubricants, and, to a lesser extent, of parts and accessories for capital goods, consumer goods and capital goods. Conversely, imports of motor vehicles rose, due to an increase in quantities that greatly exceeded the fall in prices.
• Consequently, the trade balance reached a surplus of USD 6.2 billion, whereas in the first four months of 2023 a deficit of USD 1.5 billion had been recorded.

• Prominent are the increases in wheat exports (USD 1.0 billion, mainly to Brazil and Indonesia), crude petroleum oils (USD 634 million), maize (USD 574 million), and soybean flour and pellets (USD 519 million). Although with lower absolute growth, there stand out the higher sales of boneless beef and veal, both frozen (mainly to China) and fresh or chilled (to Germany). On the other hand, the most significant drops occurred in exports of vehicles for transport of goods (-USD 236 million), unrefined silver (-USD 111 million), natural gas in gaseous state (-USD 111 million) and biodiesel (-USD 104 million).
• In relation to the soybean complex, the prices of beans (-36.3%), biodiesel (-28,6%), crude oil (-26.7%), and flour and pellets (-17.3%) decreased.  As for the quantities exported, those of soybeans (362.9%), flour and pellets (45.7%), and crude oil (34.6%) rose, while those of biodiesel (-49.3%) fell.
• Regarding imports, the most significant falls were observed in the purchases of gas oil (−USD 881 million), soybeans (−USD 720 million), and parts of telephones and devices for emission, transmission or reception (−USD 573 million); while imports of vehicles for the transport of persons with a cylinder capacity >1500 cm3 and <=3000 cm3 (USD 114 million), and urea (USD 79 million) grew.

• The main export destinations were Brazil, with a 17.1% share, the EU, 8.3%, Chile, 7.9% and the United States 7.8%. In turn, the most prominent sources of imports were: Brazil, 22.9%, China, 17.9%, the EU, 16.1%, and the United States, 10.6%.
• The largest surpluses were obtained in trade with Chile (USD 1,686 million), Vietnam (USD 879 million), Peru (USD 815 million), India (USD 574 million), Indonesia (USD 525 million) and Saudi Arabia (USD 472 million); while the main deficits were registered with China (−USD 1,623 million), Paraguay (−USD 784 million) and Germany (−USD 597 million).