By el sharp increase in international pricesIn July, exports reached US $ 7,252 million, “the highest level recorded since June 2013”. And although imports jumped due to the higher volumes bought abroad, the balance of the trade balance was US $ 1,537 million, US $ 57 million higher than that registered in the same period of 2020, according to to INDEC data.
With these figures, between January and July, the trade surplus is US $ 8,310 million versus US $ 9,793 million in the same months of 2020.
The rise in export prices explains a large part of the trade surplus. It is that in July, the Export Price Index had a increase of greater magnitude (33.3%) than the Import Price Index (22.6%). Consequently, “if the prices of the same month of the previous year had prevailed, the trade balance would have yielded a surplus of 777 million dollars” versus US $ 1,537 million, according to INDEC calculations.
The same phenomenon has been happening so far this year with a surplus of US $ 8.31 billion. If in this period the same prices had been registered as in 2020, the trade balance would have been 3,436 million dollars, less than half.
In July, on the export side, the greatest contribution to export growth came from industrial manufactures, “which presented an increase of 79% year-on-year: 45.2% were by quantities, due to a greater shipment of land vehicles (+ 113.8%) ”, according to the consulting firm LCG.
“The primary products grew again (+ 54.5% year-on-year), thus marking the highest level exported since May 2013. Most of this increase was due to the effect of prices, which grew by 32.7%. The biggest impact was on Cereals, with an annual growth of + 79.5% ”.
Imports grew 65.6% compared to the same month of the previous year: they are US $ 2,264 million more.
This happened as a consequence of a 35.1% rise in quantities and 22.6% in prices. All items registered increases : “Capital goods 20.7%; intermediate goods 72.3%; fuels and lubricants 163.0%; parts and accessories for capital goods 101.2%; consumer goods 25.2%; passenger motor vehicles (VA), 29.4%; and the rest, 36.8%, mainly due to the increase in goods dispatched through postal services (couriers) ”, according to the INDEC Report.