In May, record imports: they grew by 53.1% and reached $ 7,870 million

In the midst of Vice President Cristina Kirchner’s complaints that there is an “import festival” in the country that is destroying the dollars the central bank is supposed to hold back, INDEC released May trade balance data.

Last month, exports reached 8,226 million dollars and imports, an all-time high of $ 7.87 billion. The trade balance recorded a surplus of $ 356 million.

In the case of imports, there was a jump from May of last year of 53.1%, consequence of a 23.5% increase in prices and 23.6% in quantities.

Exports, on the other hand, increased by 20.7% compared to the same month in 2021, due to a 22% increase in prices, as quantities fell by 1%.

The increased imports of fuel, between the global impact of the Russian invasion of Ukraine and the shortage of local production due to the drought, explain one in five dollars who left the country in May.

The INDEC specified that the item Fuels and lubricants grew by 226.7% and required $ 1,601 million; capital goods increased by 40.0%; parts and accessories, 36.9%; intermediate goods, 36.0%; consumer goods, 23% and passenger cars, 24.8%.

The increase in energy imports continues this month and, according to market estimates, June will close with purchases close to $ 2,000 million. Over the past 12 months, the country’s accumulated energy deficit amounts to $ 2,600 million.

Immediately, All registered export items increase: fuels and energy, 33.7%; artifacts of agricultural origin, 29.4%; manufactured goods of industrial origin, 17.6%; and primary products, 8.6%.

The trade balance was $ 356 million, $ 1,316 million less than in May 2021.

In the first five months of 2022, exports were added $ 35,917 millions and imports 32,722 million dollars. Within the external purchases that define the festival of imports that Cristina perceives, 38% are intermediate goods; 18%, parts and accessories; 15.8%, capital goods; 14.2%, fuels and lubricants; 11%, consumer goods and 2.5%, vehicles.

As detailed by Nadin Argañaraz, director of the IAAF, “the exit from the worst phase of the pandemic and the Russian invasion of Ukraine have led to an increase in prices, mainly of raw materials and energy. From January to May, the increase in the price of our exports generated a surplus of US $ 6,545 million and the increase in the price of our importsan additional dollar requirement of US $ 4.994 million. “

For Eugenio Mari, chief economist of Libertad y Progreso, “once again, imports are a scapegoat for our problems “. The analyst noticed this the current volume of imports “is not very different from that recorded in 2017-2018, nor from that of the period 2011-2013”. And he noticed that “80% of imports correspond to capital goods, their parts and intermediate goodsYes; that is, inputs that are used directly in the production processes “.

The import controversy has once again brought to the table the idea that, to avoid continuing to lose dollars, the restrictions should be extended. For the economist Diego Piccardo, “the discourse that Kirchnerism has carried out against imports It is the prelude to a new exchange rate adjustment “.