Steady Growth Amidst Lower Grain Prices
Argentina’s trade balance reported a surplus of 2,498 million USD in November, marking the 24th consecutive month with a positive balance, according to data from Argentina’s National Institute of Statistics and Census (INDEC) released this week.
This result represents an increase of 1,221 million USD compared to November 2024 and solidifies an uninterrupted trend since December 2023.
Export Growth Despite Lower Grain Prices
Total exports amounted to 8,096 million USD in November, reflecting a 24.1% year-on-year growth. This increase is primarily due to a 28% rise in export volumes, despite a 3% drop in prices. The primary driver of this month’s success was the primary products sector, which surged 87.1% year-on-year and reached its highest value since December 2021.
Soybean beans were the star export, accounting for 874 million USD, marking an extraordinary 2,031% increase from November 2024. The official report by the Argentine institution highlights, “November’s exports demonstrate the strength of Argentina’s agroexport sector, particularly in a context of lower international prices.”
Top Export Categories and Import Trends
The top ten export categories accounted for 59.7% of the total: soybean beans (10.8%, 874 million USD); soybean meal and pellets (9.9%, 801 million USD); crude oil (8.0%, 644 million USD); raw soybean oil (7.5%, 573 million USD); non-monetary gold (7.1%); corn grain (4.5%); wheat (4.1%); frozen beef (3.6%).
Industrial origin manufactures (MOI) grew by 14.5%, totaling 2,318 million USD, while energy and fuels increased by 52.8%. Meanwhile, agro-industrial origin manufactures (MOA) slightly decreased by 0.4%.
External purchases reached 5,598 million USD, with a 6.6% year-on-year increase. This growth is attributed to a 6.1% rise in volumes and a 0.4% increase in prices. The passenger car vehicles category saw the most significant growth, with a 68.1% jump (207 million USD additional), followed by consumer goods (+23.9%) and capital goods (+13.1%).
However, parts and accessories for capital goods fell 13.4% (-167 million USD compared to November 2024), and intermediate goods decreased by 4.1%. The top ten imported products accounted for 30.3% of total imports.
China: Argentina’s Fastest-Growing Trade Partner
In terms of destinations, China solidified its position as Argentina’s primary buyer in November, with exports totaling 1,317 million USD, a 274.5% increase from the previous year. Sixty-five point nine percent of these sales were soybean beans.
Brazil remained the second-largest market (1,089 million USD), although it experienced an 11.8% decline due to lower fuel and energy sales. The United States took the third spot (834 million USD, +21.5%) for crude oil and gold exports.
