Due to the energy crisis and for the second consecutive month, the “tailwind” of foreign trade it no longer blows in favor of the country. The prices of imports rise above export values. In the first half of the year, energy imports amounted to 6,609 million dollars. That’s $ 4,328 million more than in the same period in 2021.

In June, imports outstripped exports, generating a $ 115 million deficit. But «if the prices of the same month of the previous year had prevailed, the trade balance would have shown a surplus of 224 million dollars. Under this assumption, and given the rise in the Export Price Index (20.7%), below the Import Price Index (26.4%), the country recorded a loss in terms of trade of 314 million dollars ”, informs INDEC.

Meanwhile, the loss in terms of trade in May was 85 million dollars.

In all months of the first quarter, export indices exceeded those of imports e a profit was recorded under the terms of the exchange of the order of US $ 1,000 million.

Now, due to what happened in May and June, in the first half of the year the profit has fallen to 443 million dollars. And everything indicates that in the coming months, due to the global energy crisis, that “gain” may vanish.

This change of sign is concentrated in imports of the “Fuels and Lubricants” category, which in the first half of the year had an increase in prices of 84.5%, while the imported volume increased by 57%. In total, imports amounted to $ 6,609 million compared to $ 2,281 million in the same period of 2021. This is $ 4,328 million more.

In dollars, this item “increased by 189.7% ($ 4,328 million) mainly due to higher purchases of fuels and lubricants produced especially diesel, liquefied natural gas and petrol, excluding aviation, ”according to the INDEC report.

Export prices also increased but less than energy prices and smaller quantities were also exported.

Exports of the main products related to soybeans and their derivatives have had a price increase of 19.5% and a decrease in exported quantities of 16.1%.

“As far as prices are concerned, those corresponding to all products have increased: raw soybean oil (44.1%); biodiesel and its blends (34.1%); soybeans, excluded for sowing (22.1%) and flour and pellets from the extraction of soybean meal (7.3%).

In relation to the quantities, those of soy, excluded from the plant (-72.3%), crude soybean oil (-27.9%) and flour and pellets from soybean oil extraction (-9.0%), while those of biodiesel and its blends increased (54.1%) ”.

On the other hand, «from the end of 2020 the the evolution of the cost of international transport has increased. In June 2022, the unit value of international freight (dollars / ton) was 107.3 dollars per ton, 48.4% more that of the same period of 2021 (72.3 dollars per ton) and 94.7% higher than that of June 2020 (55.1 dollars per ton).

The cost of freight from China increased by 27.4% compared to June of the previous year and by 115.0% compared to the same month of 2020. In relation to the FOB value of imports, 6.4 dollars were paid for every 100 dollars. freight dollars; 6.0 dollars in June 2021 and 4.9 in the same month of 2020 ”, indicates the Indec Report.

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