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Argentina’S Trade Surplus With Brazil Ends In August Deficit
(MENAFN- The Rio Times) After five months of surplus, Argentina's trade balance with Brazil took an unexpected turn in August 2024. The country recorded a deficit of $15 million, marking the end of a positive streak.
This shift occurred despite an increase in exports and a continued decrease in imports from its neighboring country.
The bilateral trade between Argentina and Brazil totaled $2.351 billion in August, representing an 8.5% decrease compared to the previous year.
However, this decline was less severe than in recent months. July saw a 9.5% drop, while June and May experienced steeper falls of 31.6% and 28.1% respectively.
Imports from Brazil reached $1.183 billion in August, a 17.2% year-on-year decrease. Nevertheless, this figure shows improvement compared to July's 27.8% decline.
The automotive sector displayed mixed results. Passenger vehicle imports surged by 92% annually, reaching $184.9 million. Conversely, auto parts and accessories imports fell by 25.6%.
Energy imports presented a contrasting picture. Fuel oil purchases skyrocketed by 688.6% to $53.8 million.
Meanwhile, electricity imports plummeted by 62%, dropping from $72.1 million in 2023 to $27.4 million in 2024.
Argentina's exports to Brazil grew modestly by 2.5% year-on-year in August, totaling $1.168 billion. This growth rate, however, marks a significant slowdown from July's 20% increase.
The agricultural sector performed strongly, with wheat and rye exports rising by 53.7% to $52 million. Cheese and curd exports also increased by 48.4% to $23.7 million.
The automotive export sector showed mixed results. Auto parts and accessories exports grew by 27.5% to $35 million.
Passenger vehicle exports increased by 19.3% to $249 million. However, road vehicle exports contracted by 40.2%, amounting to only $3.6 million.
Aluminum exports saw a remarkable surge of 224.7%, jumping from $11.9 million in August 2023 to $38.5 million in 2024. This growth contributed significantly to the overall export figures.
Despite the August deficit, Argentina maintains a positive trade balanc of $126 million with Brazil for the first eight months of 2024.
Argentina's Trade Surplus with Brazil Ends in August Deficit
Exports have increased by 4.6% during this period, while imports from Brazil have decreased by 33.4%.
The recent trade deficit highlights the complex economic relationship between Argentina and Brazil.
It underscores the importance of monitoring trade patterns and their impact on both economies.
As South America's two largest economies, their trade dynamics have far-reaching implications for regional economic stability and growth.
Looking ahead, experts anticipate continued pressure on imports due to lower economic activity and consumption in Argentina.
However, the recent peso appreciation and reduction in import taxes could stimulate demand in the coming months.
Brazil's economic growth prospects, estimated at around 2,8%, may also influence bilateral trade dynamics.
This shift occurred despite an increase in exports and a continued decrease in imports from its neighboring country.
The bilateral trade between Argentina and Brazil totaled $2.351 billion in August, representing an 8.5% decrease compared to the previous year.
However, this decline was less severe than in recent months. July saw a 9.5% drop, while June and May experienced steeper falls of 31.6% and 28.1% respectively.
Imports from Brazil reached $1.183 billion in August, a 17.2% year-on-year decrease. Nevertheless, this figure shows improvement compared to July's 27.8% decline.
The automotive sector displayed mixed results. Passenger vehicle imports surged by 92% annually, reaching $184.9 million. Conversely, auto parts and accessories imports fell by 25.6%.
Energy imports presented a contrasting picture. Fuel oil purchases skyrocketed by 688.6% to $53.8 million.
Meanwhile, electricity imports plummeted by 62%, dropping from $72.1 million in 2023 to $27.4 million in 2024.
Argentina's exports to Brazil grew modestly by 2.5% year-on-year in August, totaling $1.168 billion. This growth rate, however, marks a significant slowdown from July's 20% increase.
The agricultural sector performed strongly, with wheat and rye exports rising by 53.7% to $52 million. Cheese and curd exports also increased by 48.4% to $23.7 million.
The automotive export sector showed mixed results. Auto parts and accessories exports grew by 27.5% to $35 million.
Passenger vehicle exports increased by 19.3% to $249 million. However, road vehicle exports contracted by 40.2%, amounting to only $3.6 million.
Aluminum exports saw a remarkable surge of 224.7%, jumping from $11.9 million in August 2023 to $38.5 million in 2024. This growth contributed significantly to the overall export figures.
Despite the August deficit, Argentina maintains a positive trade balanc of $126 million with Brazil for the first eight months of 2024.
Argentina's Trade Surplus with Brazil Ends in August Deficit
Exports have increased by 4.6% during this period, while imports from Brazil have decreased by 33.4%.
The recent trade deficit highlights the complex economic relationship between Argentina and Brazil.
It underscores the importance of monitoring trade patterns and their impact on both economies.
As South America's two largest economies, their trade dynamics have far-reaching implications for regional economic stability and growth.
Looking ahead, experts anticipate continued pressure on imports due to lower economic activity and consumption in Argentina.
However, the recent peso appreciation and reduction in import taxes could stimulate demand in the coming months.
Brazil's economic growth prospects, estimated at around 2,8%, may also influence bilateral trade dynamics.
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