The effect of the drought was strongly felt in foreign trade in January. In the first month of the year, exports fell by 11.7%, in what was the sharpest contraction since December 2020when global markets were hit by the pandemic.
The report released this Wednesday by INDEC shows that last January exports caught up $4.9 billion and imports, 5,384 million dollars. AS, the trade balance recorded a deficit of US$ 484 million.
Exports decreased by 11.7% compared to the same month in 2022 due to a drop in quantities of 13.3%, while prices increased by 1.6%.
The drop in sales abroad is directly linked to the drought which has been affecting the main agricultural areas in recent months. This spawned a US$788 million decrease in grain sales (mainly wheat), the sub-category that recorded the greatest drop, with a decrease of 51.6% compared to the same month of 2022.
Primary Products (PP) decreased by 42.5%; and fuels and energy (C&E), 5.2%; while production of industrial origin (MOI) increased by 12.5%; and manufactured products of agricultural origin (MOA), 1.0%.
Imports increased by 2.5% compared to January 2022, due to a 3.2% increase in prices, quantities having decreased by 0.8%.
In external purchases it feels the effect of the exchange affecting import permitsparticularly in capital goods and factors of production.
In terms of economic consumption, purchases of fuels and lubricants (CyL) grew by 96.1%; and parts and accessories for capital goods (PyA), 21.4%.
On the other hand, imports are decreasing capital goods (BK), 12.3%; passenger cars (VA), 11.8%; intermediate goods (BI), 10.5%; and consumer goods (BC), 8.1%.
The trade balance was 484 million dollarsUS$781 million less than the result for the same month of the previous year, when a surplus of US$297 million was recorded.
Poor export performance has hit broader economic activity, which suggests that in 2023, economic growth will slow down.
AQ
Source: Clarin
