2024-07-30 21:24:40
According to a report released by the Córdoba Grain Exchange on Tuesday, the trade balance in the first half of 2024 was a surplus.
More importantly, this is the highest level in nearly a decade. It was US$10.708 billion, an increase of 338% over the same period last year, of which the deficit was US$4.493 billion.
According to the entity, this result was due to a 14% increase in Argentina’s exports in the first six months of the year to $38.175 billion, while imports fell by 28% to $27,468.
2022 Earnings
Although exports in 2022 reached the highest level in the past decade, reaching US$44.378 billion, the trade surplus was US$2.977 billion, 260% lower than the current balance. This is the result of massive imports, which amounted to US$41.401 billion during the same period.
The trade balance on imports was US$27.468 billion.
According to the economic use classification, the categories accounting for 77% of Argentina’s imports are: intermediate products (BI), accounting for 40%; capital goods parts (PyA), accounting for 21%; capital goods (PyA), accounting for 21%. The rate is 15%.
These participation amounts are in line with the value for the first half of 2023, which was $37.967 billion.
Argentina exports in 2024
In the first half of 2024, Argentina’s exports reached US$38.176 billion, an increase of 14% over the same period in 2023.
Breaking down exports by major products, primary products (PP) experienced the largest increase, up 40% from last year, from US$7.252 billion to US$10.126 billion, followed by fuel and energy (CyE), which increased by 27% to US$4.818 billion.
Third, manufactured agricultural products (MOA) grew by 9%, equivalent to US$13.719 billion.
Finally, Manufacturing of Industrial Origins (MOI) was the only item to decline, from $9.844 billion to $9.513 billion (-3%).
Taking into account the past five years, exports in the first half of 2024 ranked second after 2022’s $44.377 billion.
Projects in which PP and MOA are jointly involved remain the country’s main source of foreign exchange, accounting for 62% of total exports.
Participation in the Soybean, Wheat and Corn Consortium
The soybean, wheat and corn complex together generated 39% of Argentina’s total export revenue, equivalent to $15 billion in the first quarter.
Of the total exports during that period, 25% was for the soybean complex, with revenue of $9.552 billion, 10% for corn, equivalent to revenue of $3.666 billion, and 5% for the wheat complex, with revenue of $1.06 billion. .
The increase in production in 2023/24 has led to an increase in the level of agricultural exports, with overseas revenue increasing by 14%, equivalent to US$4.7 billion, and sales ranking second, 14% behind.
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