« Record exports, the economy is running »
Good harvests, energy from Vaca Muerta: exports are posting impressive figures.
But the structure reveals a fragile economy: Argentina mainly sells raw materials (soy, grains, energy) and imports more and more consumer goods and vehicles — instead of machinery to produce. Industry (the MOI) depends almost entirely on a single customer, Brazil. And the balance is in deficit with China. This is the profile of a country that consumes and exports raw goods, not one that is reindustrializing.
Exports by major category: Argentina mainly sells raw goods (primary + agro); industry (MOI) remains a minority.
Imports by use: with the cheap dollar, consumer goods and vehicles swell — at the expense of capital (productive) goods.
Industrial exports (MOI) in value and as a share of exports. A notable share, but hostage to a single market.
Who buys Argentine vehicles: without Brazil, the automotive industry would have almost no market.
To Brazil: finished vehicles or just parts?
Importing machinery = investing to produce; importing consumer goods = the opposite. The marker of (de)reindustrialization.
With which countries Argentina earns dollars (green) or loses them (red). The deficit with China weighs on the reserves.
Customers: where exports go (last month).
Suppliers: where imports come from (last month).