In September, Argentine exports to Brazil reached 1,312 million dollars, the highest level since October 2023. Despite this increase, imports from Brazil amounted to 1,463 million dollars, generating a negative balance in the trade between both countries. This situation marked a change from the surplus recorded in August, reflecting the complexity of trade with Argentina's main trading partner in the region.
Bilateral trade with Brazil left Argentina with a deficit of 151 million dollars in September, the highest figure since November 2023. Although the prices of exported products saw a significant drop, which limited the positive impact on total exports.
On the other hand, there was a 15% year-on-year growth in consumer goods imports, showing a recovery for the first time since November 2023. Total imports experienced an 8.8% year-on-year decrease in September, reaching 5,954 million dollars. This decline was offset by a 25.9% increase in exported quantities, despite a 4.2% drop in prices.
Projections indicate a surplus close to 19,954 million dollars for the year 2024, although unfavorable seasonality is expected in the last quarter. In September, Argentine exports totaled 6,934 million dollars, a 20.6% year-on-year increase. Although this balance was the lowest since January, it represented a substantial improvement compared to the trade deficit of 774 million dollars recorded in the same month of the previous year.
The accumulated figures for the first nine months of 2024 showed a trade surplus of 15,132 million dollars, in contrast to the deficit of 6,944 million dollars in the same period of 2023. This recovery is attributed to both the increase in exports and the moderation in the decline of imports. In September, Argentina achieved a trade surplus of 981 million dollars, marking ten consecutive months of positive balance.
The nascent economic recovery and initial liberalization measures, such as the reduction of the Country Tax, have boosted demand for imported goods. Despite a 24.2% drop in imports so far this year, signs of a slowdown in this trend are observed.
The categories that had the most impact on the decrease in imports were Fuels and Lubricants, with a drop of 67.9%, and parts and accessories for capital goods, which fell by 13.6%. Exports were mainly driven by food waste and by-products, which grew by 62.5% year-on-year, as well as by Industrial Origin Manufacturing and the energy sector.
The energy sector contributed to the growth of exports with a 33.5% year-on-year increase, highlighting the rise in exports of crude oil and natural gas. Agricultural Origin Manufacturing experienced a remarkable increase of 47.8% in value, reaching 2,672 million dollars, thus consolidating nine consecutive months of increases in foreign sales.
