In an unexpected turn in the commercial landscape, China has positioned itself as the Argentina’s main trading partnersurpassing Brazil during the month of September. This economic phenomenon occurs in a context of strong political approach of the Argentine Government to the sphere of Donald Trump in the United States.
The consolidation of China as the main supplier of goods and services to Argentina is explained by two main factors:
- Record Soybean Export: Shipments to the Asian giant tripled, driven mainly by sales of soybean. This increase was favored by the tariff war between the US and China, which placed the Argentine oilseed in an advantageous position, added to the incentive of the temporary elimination of withholdings for this product in Argentina.
- Record Imports: Purchases from China reached 1,816 million dollarsthe highest level in the historical series, according to data from the consulting firm Abeceb based on INDEC. This increase was driven by the decision of Argentine companies to advance purchases given the uncertainty of a possible change in the local exchange rate regime after the elections.
The increase in Chinese imports was reflected in purchases of Consumer Goods, both semi-durable and durable. Particularly notable was the growth of 68.6% year-on-year in the purchase of passenger carswhich absorbed a large part of the quota of hybrid electric vehicles that could enter the country without tariffs.
This commercial panorama, where China is consolidating itself as the main partner, generates a geopolitical paradox for the Argentine government, which has shown a clear ideological and political inclination towards Washington, particularly the figure of Donald Trump, while its economy maintains a deep link of dependence with Beijing.
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