Foreign trade data continue to improve. The trade balance reached a surplus of US$2,906 million in March 2023 -the highest since US$3,019 million in April 2007-, compared to the positive balance of US$ 341 million in the same month last year.
According to data published by the Central Bank, in March, US$ 9,762 million FOB in exports were recorded, which means an increase of 13.1% compared to the same period in 2022 and an increase of US$ 1,423 million FOB compared to the previous month.
The increase in shipments abroad comes hand in hand with the mining, which represented more than half of the goods that were sold abroad, translated into US$ 5,883 million FOB. This also means a growth of 21.9% in the sector, compared to the same month last year.
And it is that the progress of the mining sector is due to the good news that copper grew again after a year of falls: in March the main national export product reached an expansion of 9.9% year-on-year –or a sale of US$ 4,585 million FOB. The increase in mineral exports is explained by the 26.8% year-on-year growth of concentrates, which registered its second consecutive month in positive figures.
While iron and gold registered drops, it was lithium carbonate and molybdenum concentrate, the mining products that were also behind the rise in foreign trade, registering increases of 174.3% and 400%, respectively.
On the contrary, the agricultural, forestry and fishing sector had a fall of 0.4% compared to the same month of the previous year. The drop would be explained by fruit, although there were increases in grapes and apples, blueberry exports fell 57.7% and avocados dropped 61.8%.
In the same way, industrial exports also recorded a slowdown in their sales abroad, with a year-on-year increase of 2.4%. Food rose 0.3%, highlighted by fishmeal and fish oil, while products such as salmon, trout, poultry and frozen fruit fell in twelve months.
Imports continue to fall
The Central Bank also reported that In March, imports totaled US$ 6,855 million FOB and marked a 17.3% drop compared to the same period in 2022, being the sixth consecutive month that it has fallen.
The purchase of consumer goods fell 40.7%, hand in hand with a drop of 48.5% in durable goods, which had losses in its five components: automobiles, computers, cell phones, televisions, and household appliances.
Meanwhile, semi-durables also recorded a fall of 50.6%, with decreases in clothing (-46.2%) and footwear (57.4%).
For its part, the category of other consumer goods had a twelve-month contraction of 25.4%, with decreases in the purchase of meat, beverages and alcohol, gasoline and other foods.
Intermediate goods moderated their decline and fell 7% year-on-year, a less pronounced drop than in the months of February and January, and due to a 52.7% rise in oil and energy products.
The purchase of capital goods deepened its fall to 19.3%, due to decreases in trucks and cargo vehicles, buses, mining and construction machinery, and engines and turbines. Contrasted by increases in electric motors, generators and transformers and other transport vehicles.