Wednesday, 20 March 2024
In the first two months of the year, exports totalled USD 10.9 billion (a 7.5% year-on-year growth) and imports reached USD 8.7 billion (a 16.3% year-on-year fall). As a result, the trade balance recorded a surplus of USD 2.2 billion.
- In the January-February period of 2024, exports reached USD 10.9 billion, which represents a 7.5% year-on-year growth, explained by a 16.8% increase in quantities exported that exceeded the 8.0% drop in prices.
- Imports amounted to USD 8.7 billion and fell 16.3% in year-on-year terms, resulting from a drop of 4.5% and 12.3% in prices and quantities imported, respectively. This is mainly due to lower prices of intermediate goods, fuels and lubricants, and a decrease in imported quantities of fuels and lubricants, and, to a lesser extent, in parts and accessories for capital goods. On the other hand, imports of motor vehicles rose, due to an increase in quantities that exceeded the fall in prices.
- Consequently, the trade balance recorded a surplus of USD 2.2 billion, while in the first two months of 2023 a deficit of USD 232 million had been registered.
- The main exports destinations were Brazil, with a 17.8% share, the EU, with 8.4%, and the United States and China, with 7.8% each. The same partners stood out as sources of imports: Brazil, 21.9%, China, 20.0%, the EU, 17.1%, and the United States, 10.7%.
- The largest surpluses were obtained in trade with Chile (USD 732 million), Peru (USD 426 million), Indonesia (USD 338 million), Vietnam (USD 281 million), India (USD 224 million), Algeria (USD 210 million) and Saudi Arabia (USD 193 million); while the main deficits were registered with China (−USD 896 million), Germany (−USD 341 million), Paraguay (−USD 262 million).
- Highlights include the increases in wheat exports (USD 754 million, mainly to Brazil), soybean flour and pellets (USD 233 million), crude petroleum oils (USD 210 million), and soybean oil, excluded crude, (USD 76 million). Although with lower absolute growth, the highest sales of boneless beef, both frozen and fresh or refrigerated, stand out. The biggest drops in exports were in crude soybean oil (−USD 180 million), natural gas in gaseous state (−USD 77 million) and sorghum (−USD 29 million).
- In relation to the soybean complex, the prices of crude oil (−28.3%), biodiesel (−19.9%) and beans (−8.5%) decreased, while those of flour and pellets increased by 2.0%. As for the quantities exported, falls were recorded in those of biodiesel (−77.0%), beans (−65.9%), flour and pellets (−35.0%), and crude oil (−24.5%).
- Regarding imports, the most significant falls occurred in the purchases of gas oil (−USD 535 million), electrical energy (−USD 84 million) and fuel oil (−USD 84 million); while those of soybeans (USD 103 million), vehicles for the transport of people with a cylinder capacity >1500 cm3 and <=3000 cm3 (USD 84 million) and parts for gas turbines (USD 59 million) grew.
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