Argentine exports to Brazil show almost unprecedented growth
Argentine sales to Brazil in August 2021 have reached their pinnacle in the last three years, but there is still a trade deficit. The country stands behind China and the United States in the list of suppliers to South America’s largest economy, it was announced Wednesday.
Exports from Argentina have reached US $ 1,003 million, behind China’s US $ 4,052 million and US $ 4,005 million from the United States.
According to these data, Argentine exports grew 60% year-on-year, the highest record since the same month of 2018, while imports totalled US $ 1,119 million, with a rise of 54,8% compared to the same period of 2020, which determined that the trade balance showed a deficit of US $ 116 million, the Argentine Chamber of Commerce (CAC) reported Wednesday.
Based on data from Brazil’s Economy Ministry, the CAC specified that bilateral trade was US $ 2,122 million in the eighth month of the year, 57.2% higher than that registered in 2020 when it had been US $ 1,350 million, and the highest in the last three years.
Likewise, the volume of the exchange showed a 6.4% increase compared to last July.
The 60% rise in exports from Argentina to Brazil was driven by the items Motor vehicles for the transport of goods, Unmilled wheat and rye and Tourism vehicles.
Meanwhile, the 54.8% increase in Argentine imports was mainly explained by the acquisition of “Iron ore and its concentrates,” “Parts and Accessories for motor vehicles” and “Tourism vehicles.”
In turn, among the main buyers in Brazil, Argentina also ranked third, behind China, with US $ 9,464 million, and the United States, with US $ 2,770 million.
Meanwhile, the flow of trade between both economies has so far this year increased by 49.5% year-on-year, reaching US $ 14,982 million, while Argentina’s trade deficit showed a growth of 221%, standing at US $ 677 million compared to US $ 211 million in the same period of 2020.
This performance responds to the 53% growth in Argentina’s imports from Brazil, which exceeded the 45.8% increase in exports.
On the other hand, Brazil’s exports to the world increased by 56.4% year-on-year in August, from US $ 19,416 million in 2020 to US $ 27,212 million in 2021.
On the other hand, total imports grew by 68.7% compared to those registered a year ago, with US $ 11,815 million in 2020 compared to US $ 19,547 million this year.