Argentina imports of textile products in 2019 fell 20.9% in dollars and 10.3% in kilograms compared to the previous year, according to a report by the Pro Tejer Foundation. China concentrated 40.8% of purchases in dollars and 41% in tons, followed by Brazil (18.3% in dollars and 17.6% in tons); India (6.3% in dollars and 12.7% in tons); Indonesia (2.7% in dollars and 4.9% in tons); and Korea (1.4% in dollars and 2.6% in tons). Argentine exports of textile products decreased 40.1% in tons and 25.8% in dollars.
Argentina National Institute of Statistics and Census (Indec) reported a trade surplus of $1.02 billion in January, from a surplus of $373 million a year earlier. Exports declined slightly to $4.55 billion in the month from $4.59 billion a year earlier, while imports fell to $3.53 billion from $4.21 billion in the same period. Trade (exports plus imports) decreased 8.% in relation to the same period of the previous year at $8.1 billion.
The trade deficit with the United States fell 22.5% in 2019 (from $ 5.314 billion in 2018 to $ 3.589 billion), because Argentina imported almost $ 1.9 billion less, according to official data from Washington. The fall of the bilateral deficit with China reached 70% ($ 2.2 billion against $ 7.6 billion in 2018), according to the Argentine Chamber of Exporters. In December, 32.7% of Argentine exports went to China, Brazil and the US, while 52.3% of imports came from those three countries, according to Indec.
The Argentine agro-export sector registered a currency settlement of $1.61 billion in January 2020, the lowest figure since 2015 ($1.08 billion), according to two organisations representing 45% of exports (CIARA and CEC). The figure means a fall of 8% year-on-year and 27% compared to December 2019 when the highest currency settlement was recorded for the period in the last 17 years. In January 2019 it was $1.75 billion.
Argentina bilateral trade with Brazil registered a negative balance of $20 million in January, according to data from the Ministry of Development, Industry and Foreign Trade of Brazil. Argentine exports totalled $ 662 million (-16.5% year-on-year), while imports $ 680 million (-0.3%). In January 2019, Argentina had registered a surplus of $120 million
Although consuming domestically 95% of the six million pigs it produces each year, Argentina has significant potential to increase production for export and looks set to sign a $27 billion investment deal with China this year. The plan could enable the annual production of 100 million pigs in the next eight years and could generate up to 100,000 jobs. Chinese importers are expected to visit Argentina in March.
Argentine grain and derivative exports will allow the entry of foreign currency for about $ 25 billion during 2020, says a report from the Rosario Trade Exchange. The improvements in climatic conditions project that the 2019-20 harvest will be the second highest in the country's history. Exports for wheat are expected for $ 2.46 billion, corn $ 5.44 billion, and soybean with its derivatives $ 16.8 billion.
Argentina closed 2019 with a trade surplus of $ 15.99 billion, the highest since 2009, according to the National Institute of Statistics and Census (Indec). Paradoxically, this was due to the deep economic crisis. The recession caused imports to fall by 25% year-on-year, while mega-devaluation increased exports by 5.4%. Analysts expect a similar result in 2020.
Argentina estimates that its fresh lemon exports to the United States could triple in two years to 30,000 tons in 2020, according to the U.S. Department of Agriculture’s Foreign Agricultural Service. Lemon exports from Argentina to the U.S. were 10,640 in 2018 and 23,179 tons from January to October 2019.