Argentina: Imports set new all-time high in Aug 2022

The Argentine Ministry of Foreign Affairs and International Trade reported that, in August 2022, imports cost the country US$ 7,837 million, a new historic high for the month, explained mainly by the increase in fuel and lubricant prices (74.9%) and the quantities of capital goods (43%).

Products entering the Argentine market grew by 36.2% year-on-year, with greater increases in quantities (18.2%) than in prices (15.3%).

Imports of fuels and lubricants were the ones that grew the most (68.3%), from US$ 794 million to US$ 1,336 million in one year.

In turn, imports of intermediate goods also saw a significant increase in prices (18.7%) and totaled US$ 644 million more than the same month last year.

The list includes various fertilizers, which, in some cases, saw prices increase twofold. Intermediate goods and fuels and lubricants were responsible for the 57% increase in total imports in August.

In the first eight months of the year, imports totaled US$ 57,527 million, the highest historical mark ever obtained in the period. YTD imports increased by 43.6%, owing to rising fuel and lubricant prices, as well as increases in the prices of Intermediate goods and the number of capital goods brought into the Argentine market.

In the first eight months of the year, the top countries that sent the most products to Argentina were China (20.4%), Brazil (19.1%), the United States (13.9%), Germany (3.2%), and Bolivia (2.7%).

Source: Portal Portuário

To read the full original article, please go to: https://portalportuario.cl/argentina-importaciones-establecen-nuevo-maximo-historico-en-agosto-de-2022/

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