Wednesday, 23 August 2023
In the first seven months of the year, exports totalled US$ 39.5 billion while imports amounted to US$ 44.7 billion. The trade balance showed a US$ 5.1 billion deficit.
- Between January and July 2023, exports amounted to US$ 39.5 billion and experienced a year-on-year contraction of 24.2%, accounted for by a 17.1% drop in quantities and 8.6% in prices.
- Imports amounted to US$ 44.7 billion and decreased by 10.1%, as a result of contractions of 4.5% and 5.9% in quantities and prices, respectively. This decrease is mainly explained by lower prices and quantities imported of Fuels and lubricants, and Capital goods. Contrarily, imports of Parts and accessories of capital goods increased, both due to higher quantities and higher prices. In the case of Vehicles, the increase in prices was not enough to offset the fall in quantities.
- The trade balance was in deficit by US$ 5.1 billion, due to a greater contraction of exports than of imports. In the first seven months of 2022 a US$ 2.5 billion surplus had been reached.
- The biggest falls were in exports of wheat (diminishing US$ 3.1 billion); soybean meal and pellets (−US$ 2.2 billion); maize (−US$ 2.1 billion); soybean oil (−US$ 1.6 billion); and biodiesel (−US$ 1.2 billion); while the main increases concern to motor vehicles for the transport of goods (US$ 402 million); natural gas in gaseous state (US$ 255 million); motor vehicles for the transport of persons (US$ 157 million); and lithium carbonate (US$ 135 million).
- With regard to the soybean complex, the prices of exports of meal and pellets increased by 3.1%, while those of crude oil (−29.3%), biodiesel (−12.4%) and beans (−12.7%) decreased. In terms of exported quantities, biodiesel (−84.1%), meal and pellets (−32.8%), crude oil (−14.4%) and beans (−12.6%) fell.
- On the imports side, there were higher purchases of soy beans (US$ 2.3 billion); iron or steel pipes used in oil and gas pipelines (US$ 207 million); and parts and accessories for automobile bodies (US$ 113 million); while there was a fall in the imports of diesel oil (−US$ 1.9 billion); liquefied natural gas (−US$ 737 million); gaseous natural gas (−US$ 435 million); and vaccines (−US$ 344 million).
- The three main partners, Brazil, China and the United States, together accounted for 33.1% of exports and 55.2% of imports. The European Union accounted for 10.2% of shipments and 14.0% of the purchases.
- The highest surpluses were obtained in trade with Chile (US$ 2.4 billion), Peru (US$ 1.4 billion) and India (US$ 889 million); while the largest deficits were recorded with China (−US$ 4.8 billion), Brazil (−US$ 4.4 billion), the United States (−US$ 2.3 billion), Paraguay (−US$ 1.8 billion), Germany (−US$ 1.2 billion) and Thailand (−US$ 863 million).