Dollar savings: the BCRA postponed US$ 1.4 billion of imports

To contain the festival of imports that was unleashed from the generation of devaluation expectations, the economic team put under the magnifying glass all authorizations to access the official exchange market for purchases of products and supplies abroad. In a cross between the figures on the exchange market from the Central Bank and those on foreign trade from INDEC, it emerges that At least 1,400 million dollars in import payments are found “kicked” in June alone, which were compensated with financing from companies abroad or by selling their own currency stock. Meanwhile, the agricultural sector in that same month registered barely a third of the historical average rate of income of dollars for collection of exports.

For June, INDEC reported a record import figure of 8.547 billion dollars, of which some 2 billion corresponded to energy. Presentations were also detected to access the market with the aim of donkey before a price increase, which artificially increased the amount of purchases. At the end of June, greater control was established over this drainage, which is evident between the import orders and what it cost the Central in reserves.

In June, payments for imports of goods totaled 6,585 million dollars, showing an increase of 12 percent compared to payments for the same month of the previous year. This value was located by below imports of goods FOB of the month, which reached 8,000 million (8,547 million, according to INDEC), indicating that there was an increase in the stock of commercial debt or a reduction in foreign assets due to imports of about 1,400 million,” the BCRA detailed in its foreign exchange report. .

This behavior was associated with the regulatory modifications established through communication “A” 7532, effective as of June 27.which provided for an adaptation of the foreign trade payment system. “The measures extended the import financing system to those carried out under a Non-Automatic License and to the importation of services,” details the body led by Miguel Pesce.

Small and medium-sized companies were exempted from the current requirements to finance their imports due to an increase of 15 percent over the previous year, with a limit of up to one million US dollars. From the sector they assure that the level is insufficient and it is necessary to oil the mechanism so as not to be trapped in bureaucratic procedures. In practice, what happens with SMEs that do not have access to credit, they end up looking for dollars in cash with liquidation (financial dollar) transfer to higher cost prices.

Last month a new scheme for the automotive industry was also put into effect, associated with the financing of the importation of goods necessary for local manufacture, which allows “to comply with the financing of the import surplus of 5 percent on the operations of 2021”. Of the total payments for imports of goods observed in June, 80 percent were made deferred, 13 percent as sight payments, and 7 percent in advance.

69 percent of payments for imports of goods for the month corresponded to the sectors “Energy”, “Chemical Industry, Rubber and Plastic”, “Automotive Industry”, “Oilseeds and grain” and “Commerce”. Similar to what happened with collections for exports of goods from the energy sector, in a context of higher international fuel prices, payments for imports from the energy sector totaled 1,965 million in the month.

These expenses explain the bulk of the bleeding of reserves, which fails to recover a net rhythm of purchases, especially with the delay in the liquidation of the agre-export sector. In June, the “Oilseeds and cereals” sector totaled sales of foreign currency from collections of exports of goods through the foreign exchange market for 4,226 million dollars, registering a year-on-year increase of 2 percent. “18 percent of the collections in the sector were made in advance, either through local and foreign advances or pre-financing, a proportion that remains below the historical average of the series (52 percent for the period),” reported the Central.

Exports of FOB goods from this sector totaled 4,065 million for June, a level about 150 million lower than revenues from exports of goods through the foreign exchange market, indicating that there was an increase in commercial indebtedness due to advances and pre-financing of the sector’s exports or a drop in its assets abroad.

Regarding July, The Chamber of the Oil Industry of the Argentine Republic (CIARA) and the Cereal Exporters Center (CEC) announced this Monday that during July the companies in the sector liquidated 3,164 million dollars, representing 17 percent less than in June, and 10 percent below the same month in 2021.

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