Auto parts exports fell 16.4% in the first quarter

Auto parts exports fell 16.4 percent in the first quarter, according to the foreign trade report that is periodically prepared by the Argentine Component Factories Association (Afac).

According to the report, auto parts for $ 303 million were exported. On the other hand, imports fell eight percent to $ 1,331 million.

Thus, the trade deficit stood at 1,028 million dollars between January and March, six percent below the same period in 2019.

Brazilian triumph

Argentina’s main customer is Brazil, where US $ 202 million were exported, 20.1 percent less than a year ago.

In contrast, imports from the neighboring country fell only three percent, to 393.6 million. In this way, the deficit with Brazil increased 15 percent.

“The imbalance in auto parts with Brazil is equivalent in 2019 to 22.7 percent of the global auto parts deficit. The impact on this greater imbalance of the renegotiation of the common automotive policy that led to an otherwise lax scheme, altering the previously defined rules of the game for the automotive sector, is not a minor issue, ”Afac complained.

Other markets

On the other hand, according to Afac, in the first quarter the biggest deficit was with the European Union.

Auto parts exports to that block were 69 million dollars, almost identical to that of the previous year; but imports stood at 261 million. In other words, a negative balance of 192.1 million dollars.

“The EU’s share of the auto parts deficit was 18.7% in the first quarter of 2020; being therefore particularly sensitive for the automotive sector the progress of implementation of the Agreement between Mercosur and the European Union, “said Afac.

Another case of significant trade deficit is Thailand, a country to which almost no exports are made, while imports reached 183.1 million dollars.

Therefore, the Asian nation generates the third trade deficit in order of importance.

The full report of Afac:

Written by Argentina News

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