Shipments drop over 33% from January to May; Argentina’s share of Brazilian exports hits record low
06/10/2024
Exports to Argentina totaled $5 billion from January to May this year, marking a 33.1% decrease compared to the same period last year. These shipments accounted for just 3.61% of Brazil’s total exports, the smallest share for this period in the historical series of Brazilian exports since 1997. The previous low was in 2020 when Argentina received 3.71% of Brazil’s export value.
In May alone, Brazilian exports to Argentina fell by 42.7%. Shipments amounted to just $1.1 billion, causing Argentina to be surpassed by Spain in the monthly ranking of countries buying the most from Brazil. Brazilian products worth $1.51 billion were sold to Spain in May.
Despite the decline, Argentina remains the third-largest destination for Brazilian exports over the five-month period. Automobiles and vehicle parts are the most exported Brazilian products to Argentina, accounting for 24% of the total shipment value.
Brazilian imports of Argentine products remained relatively stable, totaling $5 billion from January to May, with a slight increase of 1.2% compared to the same period in 2023. Brazil’s trade deficit with Argentina was $60.7 million.
Argentina reported sales of $1.05 billion in May, a 15% increase compared to the same period last year.
*Por Marta Watanabe — São Paulo
Source: Valor International