The sharp increase in freight costs has reduced excess exchange

In April, despite the fact that the collection of exports was US $ 7,393 million (+9.9% from a year ago), the foreign exchange current account balance left a surplus of only US $ 276 million82% less.

The difference is explained by jump on import paymentss-total US $ 5,990 million, an increase of 25% compared to April 2021–. And the triggering of net account payments of “services” – along with others Freight and Travel – which registered a deficit of US $ 866 million, a year ago it was US $ 207 million (+318%). The account was completed with interest payments for US $ 261 million, 30% more.

For their part, Central Bank reserves measured in dollars have fallen due to the devaluation of the other currencies that make up these reserves.

From the Central Bank’s “Evolution of the Foreign Exchange Market and Exchange Balance” report, it appears that for “Services” last month the net costs for “Travel, tickets and other card payments” US $ 507 million compared to US $ 113 million in April 2021 and “Freight and Insurance” US $ 456 million compared to US $ 249 million last year. ” These movements were partially offset by net income from “Business, professional and technical services”.

The increase in Trips and Tickets is linked to larger emissive tourism because tourists from abroad do not change the official exchange market for the blue dollar. Meanwhile, the increase in Freight accounts was explained by strong increases in energy rates and costs, exacerbated by the war in Ukraine. .

According to INDEC, “since the end of 2020, the evolution of the cost of international transportation has increased. In April 2022, the unit value of international freight (dollar/ton) was 113.8 dollars per ton, 43.1% higher than the same period in 2021 (79.5 dollars per ton) and 92.9% higher in April 2020 ( $ 59.0 per ton). ”

“In the case of the” Oil “sector, in a context of high export prices due to the conflict between Russia and Ukraine, the income from the collections of exports of goods reached USD 560 million, showing a year-on-year increase of 83%., the Report added, “similar to what happened with receipts for exports of goods from the oil sector, in the context of higher international prices for fuels imported by the country, payments for imports from the energy sector reached USD 796 million per month, showing a year-on-year increase of 85%

As happened with the collections for the export of goods from the oil sector, in the context of higher international prices for fuels imported by the country, the payments for imports from the sector of energy reaches USD 796 per month, showing year-on-year. increase of 85%. Y

For its part, “in April, the foreign exchange financial account operations of the General Government and the BCRA resulted in a deficit of USD 760 million, largely explained by costs for the cancellation of International Monetary maturities. Fund for the equivalent of USD 687 million “.

Another factor weighing in in April was the appreciation of the dollar relative to other currencies.

“In April, BCRA’s international reserves dropped by USD 1,131 million, ending the month at the level of USD 42,007 million. This is mainly explained by the fall in the prices of various reserve assets relative to the US dollar for USD 1,087 million ”, the Exchange Report said.