In just 3 months, from January to March, US $ 1,563 million fell as “manna from heaven” or by the “tail wind” on Argentine foreign trade due to the rise in international prices of raw materials, especially soybeans. It is equivalent to more than 60% of the trade surplus.
Is that in the first quarter of this year, the balance of the trade balance had a surplus of US $ 2,531 million. This surplus is explained because the export price index had a rise of 13.1%, much higher than the increase in import prices (1.5%). If the prices of a year ago had been maintained, the surplus would have been US $ 931 million. Thus, the country recorded a gain in the terms of trade of US $ 1,563 million, according to INDEC calculations.
According to INDEC, from January to March, in quantities or volumes, exports increased 2.1% and prices 13.1%, accumulating a total of 15.5% in dollars. Meanwhile, imports increased in quantities by 28.4% and prices by 1.5%.
This improvement in foreign trade prices began in November and it has been producing this profit in the so-called “terms of trade”. And everything indicates that it will be repeated in April. In March, this “gain” due to the price effect was US $ 545 million. Otherwise, with prices from a year ago, March would have shown a trade deficit of US $ 156 million.
However, the “exchange earnings” could be higher because the INDEC indicates that “the value of exports for March 2021 was provisionally estimated because 10.0% of the official customs documentation during this month is still earring”.
At the same time, “in the first three months of 2021, net exports of the main products derived from the cultivation of soybeans and their by-products reached the value of US $ 4.3 billion, US $ 2,236 million higher (108.3%) than that registered in the same period of the previous year ”.
Meanwhile, “in this period, exports of the main products related to the soy and their by-products totaled US $ 4,813 million, up 89.8% in interannual terms (US $ 2,277 million), as a result of a 36.6% increase in exported quantities and a 38.7% increase in export prices ”.
By country, the most important surpluses in the quarter were recorded in dollars with India (663 million), Chile (591 million), Viet Nam (490 million), Indonesia (420 million), the Netherlands (399 million dollars), Iran ( 366 million), Algeria (324 million), Peru (314 million), Bangladesh (303 million) and Egypt (223 million).
The largest deficits were registered with China (-1,881 million), Germany (-434 million), Paraguay (-379 million), Brazil (-313 million), Japan (-192 million), Mexico (-173 million), Thailand ( -165 million), the United States (-156 million), Italy (-108 million) and Bolivia (-107 million).
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