Argentine trade exchange - January-November 2022

Wednesday, 21 December 2022

In the first eleven months of the year, exports totalled US$ 82.3 billion –an all-time high for that period– while imports amounted to US$ 76.5 billion and the trade balance recorded a surplus of US$ 5.8 billion.



• Over the January-November period, exports reached US$ 82.3 billion, which represents a record level for that period, exceeding by US$ 5.6 billion the maximum value of January-November 2011 and by almost US$ 11.0 billion the same period of 2021. They accumulate a 15.3% year-on-year increase, which is explained by a rise in prices (17.0%), while quantities decreased (−1.4%).

• Imports amounted to US$ 76.5 billion in January-November 2022 (a 34.3% growth), which makes up the highest historical value for the first eleven months of a year. The imports were driven by higher prices and quantities of Fuels and lubricants, by increases in the prices of Intermediate goods and in the quantities of Capital goods and their parts.

• The trade balance achieved a surplus of US$ 5.8 billion, US$ 8.6 billion less than the positive result of the same period of 2021, resulting from the greater pace of growth of imports than of exports.

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• The three main partners, Brazil, China and the United States, absorbed as a whole 31.0% of the exports and supplied 53.6% of the imports in January-November 2022. In turn, the European Union concentrated 12.5% of shipments and 13.6% of purchases.

• The largest surpluses were in trade with Chile (US$ 3.9 billion), the Netherlands (US$ 2.5 billion), India (US$ 2.4 billion), Peru (US$ 2.0 billion) and Vietnam (US$ 1.8 billion).

• The highest deficits were recorded with China (US$ 8.6 billion), United States (US$ 3.6 billion), Brazil (US$ 3.3 billion), Germany (US$ 1.7 billion) and Bolivia (US$ 1.6 billion).

• Highlights include increases in the exports of crude oil (US$ 2.0 billion), wheat (US$ 1.5 billion) and frozen bovine meat, boneless (US$ 0.7 billion). The largest drop corresponds to soybeans (−US$ 0.3 billion).

• It is worth highlighting the increases in the export prices of all the products of the soybean complex: flour, 23.7%, beans, 23.0% and biodiesel, 17.6%; whereas those of oil decreased (−8.3%). In relation to the quantities exported, decreases were recorded in flours and pellets (−18.6%), beans (−6.2%) and biodiesel (−1.7%); while those of oil increased (8.3%).

• Regarding imports, there stand out the highest purchases of diesel oil (US$ 2.7 billion), liquefied natural gas (US$ 1.5 billion), gaseous natural gas (US$ 0.7 billion), gasoline, excluding that for aviation (US$ 0.7 billion), and fuel oil (US$ 0.5 billion), while those of soybeans (−US$ 0.4 billion) and vaccines (−US$ 0.4 billion) decreased.

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