Not only did the drought hit exports and accentuate the foreign trade deficit. International prices also played against its consequence: lower foreign exchange earnings of almost 1,200 million dollars.
Thus, in the first 4 months of this year, export prices fell by 4.7%, while import prices increased by 0.4%.
That means that, in relation to a year ago, there was "a loss of the terms of trade of the volume of Argentine trade of US $ 1,173 million," according to INDEC.
Official numbers show that in the first four months of 2023 the foreign trade deficit was US$ 1,469 million. If the prices of a year ago had been maintained, that deficit would have been lower, at $296 million.
This exchange loss started in January with a red of US $ 74 million, rose to US $ 249 million in February, rose again in March to US $ 530 million and in April, to US $ 320 million. In May, a further fall is expected due to the fall in soybean prices.
The drop in export prices affected almost all items, with the exception of primary goods, which increased by 2.9%. Manufactures of agricultural origin (MOA) fell 5.5%. Manufacturing of industrial origin (MOI) fell 7.8% and fuels and energy fell 12.1%.
"In relation to prices, those of crude soybean oil fell (-19.8%); refined soybean oil, in containers (-5.2%); and biodiesel and its blends (-8.2%). On the contrary, the prices of soybeans, excluded for planting (36.5%); and flour and pellets from the extraction of soybean oil (6.3%)," says the INDEC report.
In the first 4 months of this year, the foreign trade deficit was US $ 1,469 million when in the same period of 2023 it was surplus in US $ 2,840 million.
This was mainly due to the fact that exports fell both due to lower prices (-4.7%) and lower quantities exported (-17.4%).
n the quantities and volumes exported, primary goods (-44.1%) and agricultural manufactures (-17.0%) were the most affected. On the other hand, there were higher exported quantities of industrial goods (+3.7%) and fuels (+13.3%).
"In relation to the quantities, those of biodiesel and its mixtures decreased (-34.8%); flour and pellets from soybean oil extraction (-34.0%); soybeans, excluded for sowing (-29.3%); and crude soybean oil (-23.7%), while refined soybean oil in containers increased (6.7%)," according to the INDEC report.
NE
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