In March, the trade exchange left a deficit of US$1,059 million. It was the product of exports that fell 22.2 percent to reach $5,723 million and imports that fell 4.2 percent to reach $6,782 million, according to the National Institute of Statistics and Census.
Thus, the first quarter left a negative balance of US$1,290 million compared to a profit of US$1,386 million in the same period last year.
The trade deficit of US$1,059 billion in March was the lowest since August 2018. As of March 2022, a surplus of $271 million had been recorded.
An important fact is that if the prices of the same month of 2022 had prevailed, the trade balance would have shown a deficit of 509 million dollars, because the Import Price Index rose by 2.3% and that of exports dropped by 6.5%. For all of this, the country recorded a terms-of-trade loss of US$526 million.
Trade balance data is provided in the context of significant drought and the loss of foreign currency dragged by the Central Bank since the start of the year. The decline in exports has also resulted in a sharp decline in tax revenues from foreign trade.
March exports were down US$1,631 million mainly due to lower wheat sales, about US$463 million, plus another US$740 million from the soybean complex, as well as being impacted by the The drought, or why sales were brought forward with previous export promotion programs Biodiesel exports also decreased by US$ 187 million; and grain maize, excluded from planting, US$158 million, among other losses.
As regards imported products, there were some decreases in diesel for US$ 327 million in this period; fuel oil, $117 million; vaccines for human medicine US$59 million; and units of automated data processing or processing machines US$42 million.
As for importsthere have been increases in purchases of soya beans, for US$ 576 million, to supply the local oil industry, affected by the lack of inputs due to drought. welded pipes, used in oil and/or gas pipelines US$74 million, related to increased oil and gas activity.
In March, the soybean harvest it reported a US$33 million surplus, however US$ 1,454 million less than in the same month of the previous year. Meanwhile, the auto complex had a negative balance and the fuels and oilsamong others, achieved a positive balance of US$ 64 million.
The exchange with Mercosur, according to official data, recorded a negative balance of 1,055 million dollars. 80.9% of the total was destined for Brazil; 10%, Uruguay; 7.4% Paraguayan; and 1.6%, Venezuela.
trade with Mercosur accounted for 24.8% of exports and 36.5% of total imports.
Source: Clarin
