Monday, June 24, 2024

ECONOMY | 23-02-2023 23:51

Argentina's trade with Ukraine and Russia down 40% since outbreak of war

Trade with Russia and Ukraine has slumped by more than 40% since war broke out 12 months ago.

Trade with Russia and Ukraine has slumped by more than 40 percent since war broke out 12 months ago, according to new data.

Argentina has a favourable balance of trade with both although the volume is obviously greater with the Eurasian giant, according to the Noticias Argentinas news agency. 

In 2021, trade with Ukraine reached US$61.58 million, of which US$41.21 million were Argentine exports for a surplus of US$20.84 million. The main sales to Ukraine were frozen fish, lemons and peanuts while buying minerals and fertilisers from that country.

Meanwhile in that same year trade with Russia reached US$1.33 billion, of which Argentine  exports were US$679.98 million, making for a narrow surplus of US$29.27 million.

Nevertheless, the decision of Russian President Vladimir Putin to invade Ukraine hit the world economy hard. According to the official data from the INDEC national statistics bureau, last year saw the trade of goods and services with Ukraine shrink to barely US$36.41 million for a plunge of almost 41 percent in comparison to 2021 with Argentine exports (with the same product range but a much smaller volume) hit the hardest.

Argentine exports reached US$19,25 million while buying from Ukraine products worth US$17.16 million for a trade surplus of barely US$2.09 million.

Last year’s trade with Russia totalled US$777.56 million, 42 percent down from 2021. 

International analysts are not estimating that the conflict will end any time soon so that the shrinkage of Argentine trade with Russia and Ukraine stands to continue.



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