In 2022, Central Bank export expenditures amounted to US$90,532 million and import payments totaled US$68,715 million.
This extraordinary foreign exchange trade surplus –for a staggering $21,817 million– He left due to payment of services and capital movements (payment of private debt plus purchase of dollar bills), which explains why the Central Bank’s gross reserves increased by only $4,925 million. And this increase is explained by the disbursement of the IMF, with its counterpart of increasing total public debt.
The debt to the IMF was $40,952 million at the end of 2021 and one year later (December 2022) it was $45,707 million, according to Finance Ministry records.
Last year for travel tickets and other overseas card payments, cargo and insurance, $10,296 million remained. And in interest on public and private debt, another $7,291 million, of which $1,785 million was in payments to the IMF and $851 million in write-offs with the rest of the financial organizations. A total of US$17,587 million.
According to the Central Bank (BCRA) report “Evolution of the Exchange Market and Exchange Balance”, in the total for the year 2022 the service account records an increase of 127% compared to last year’s accumulated figure, “driven above all due to the growth of gross expenses for “Travel, tickets and other card payments” and, to a lesser extent, “Transport and insurance” in the context of higher transport prices international goods.
According to INDEC, “in December 2022, the unit value of international transport (dollars/ton) was 148.1 dollars per ton, 4.9% more than in the same period of 2021 (141.2 dollars per ton) and 75.3% more than in December 2020 ($84.5 per ton).”
As for imports, according to INDEC, they amount to US$ 81,523 million (accrued) while payments totaled US$68,715 million, according to the Central Bank. THE difference of US$12,808 million It was born because a large part of the foreign purchases were financed with mortgages and self-financing of the parent companies.
As of 30 September, latest official data, private debt deriving from imports amounted to USD 31,113 million, recording a maximum value since the beginning of the series. represented an increase of US$8,888 million in year-on-year comparison.
“The record in this debt would be mainly explained by the effect of adjustments to foreign regulations and changes in terms of import payments,” according to the central bank. That is, the payment of foreign purchases with own dollars or with foreign credits.
By type of creditor, associated companies were the ones that granted the most financing for this type of transaction for a total of US$ 16,472 million, while the rest of the creditors added US$ 14,641 million.
Source: Clarin
