During the last month of 2024, a 55.2% increase in imports from Brazil was observed. On the other hand, the downward trend in electricity consumption by Large Industrial Users continued, with a year-on-year decrease of 8.7% in December.
According to the Argentine Industrial Union (UIA), despite certain improvements observed in some sectors of the industry in the fourth quarter, overall, the industry is at levels similar to those of November 2023. It faces significant challenges due to competition from the import of finished goods and the competitiveness issues of the Argentine economy.
Regarding employment, the most recent available data, corresponding to October 2024, recorded an increase for the third consecutive month, with 1,858 new wage earners, mainly driven by sectors such as Food, Wood and paper, Metalworking, and to a lesser extent Chemicals and Petrochemicals.
Industrial activity at the close of 2024 showed mixed results, with the UIA warning of a challenging outlook due to economic opening. In November, industrial activity had a year-on-year decrease of 3.8% and a monthly variation compared to October of -2.5%. Increases were noted in areas such as Agricultural Machinery Registration (9.4%) and foreign currency liquidation in the oil sector (57.8%).
Additionally, increases in exports to Brazil by 40.2% were observed, with shipments of industrial and agricultural products standing out. In the accumulated period from January to November, a year-on-year reduction of 9.7% was observed. It is expected that December data will show a monthly decrease compared to November, although with an increase in year-on-year comparison.
The Automotive sector experienced a year-on-year growth of 2.8%, while cement shipments increased by 11.1% compared to data from the previous year.
