22 de junio 2007 - 00:00

Trade surplus down to $1.25 BL

According to Argentine Statistics and Census Institute (INDEC, in its Spanish acronym), trade balance posted in May a $1.25-billion surplus, entailing an almost 8-per cent drop against 2006. This is because, as it has been happening since the beginning of the year, imports double exports.

Surplus has accumulated $4.22 billions so far 2007, representing an around 20-per cent decrease ($1.03 billion) against the same period of 2006. This is partly good news for Argentine Central Bank, in its lonely crusade to keep exchange rate above ARG$3.10.

According to estimates made by Argentine Economy Minister, Felisa Miceli, 2007 trade surplus may hover around $10 billions, below 2006's $12.3 billions, "which is all the same a good result," the official stated.

INDEC data show that exports have hit in May $4.79 billions (15 per cent more than in May 2006), while imports have grown 25 per cent, making $3.54 billions.

"Export increase in May stemmed from joint rise of prices (9 per cent) and amounts (6 per cent). In the case of foreign purchases, growth was explained by development of imported amounts (20 per cent) within a stable-price context," an INDEC press release signalled.

Treasury Palace officials claim that foreign purchases have risen in all areas because of a higher activity level. INDEC points out that "greater acquisitions of intermediate goods and capital goods explain 58 per cent of import increase" (the former expanded 23 per cent, while the latter 29 per cent with respect to 2006).

Main data

Next, you will find main data revealed yesterday about May trade balance:

Export growth was boosted by a sharp rise of primary products (36 per cent) and of farming and industrial manufactures (19 per cent and 5 per cent, respectively). Expansion of primary items and farming manufactures stemmed from a joint leap of prices (16 per cent in both cases) and amounts (18 per cent and 2 per cent, respectively).

Increase in value of industrial manufacture sales is explained by higher prices (4 per cent), since amounts remained stable.

Fuel and energy exports decreased in value (-7 per cent) due to 4-per cent drop in amounts and 3-per cent lower prices.

Main exported products were cereals: corn amounts leaped as well as their prices.

Sales of land transport material to Brazil, Venezuela and Mexico stood out.

As regards imports, significant purchases of agribusiness inputs, of burnt aluminium oxide for iron and steel industries and consumables for plastic industry have been observed.

Acquisitions of capital goods were also prominent.

Imports of capital goods' parts were boosted by an increasing demand of car sector.

As regards the above-mentioned area, purchases of vehicles for transportation increased considerably, particularly those coming from Brazil.

As far as fuels and lubricants are concerned, foreign acquisitions of gas oil, electric power, fuel oil and natural gas leaped.

With respect to economic use of imports, we find a surprising 193-per cent growth of food and beverage for industry (intermediate goods) as well as a higher-than-30-per cent expansion of food and beverage for household use (consumer goods).

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