MercoPress. South Atlantic News Agency

Argentina banks on the bright side of Brexit

Argentine exporters are confident the trend will hold despite a rapprochement from the UK to European trade

According to the Buenos Aires daily El Cronista, Argentina has largely benefitted from the United Kingdom's departure from the European Union, as more products from the South American country were in demand.

Based on British reports, El Cronista pointed out soybeans, wine, corn, and rice were among the Britons' favorites in the first nine months of 2021, during which Argentina achieved a trade surplus with the UK of US $ 439 million.

Argentine exporters were confident the trend would continue and that Brexit turned out to be a positive thing, according to El Cronista, despite a relative improvement in trade with the European continent.

Between January and September, Argentine exports to Great Britain grew by around 27%, while imports increased by 48%, compared to September 2020, despite which Argentina recorded a trade surplus of US $ 439 million, which is tantamount to a 13.7% yoy growth.

Soy exports grew 49%; wine 12%, and corn and rice rose 16% each. In the first three-quarters of 2021 shrimp sales grew 36% and beef 17% (despite caps), according to data from the British international trade monitor collected by El Cronista.

However, there were falls in exports of peanuts (13%), chickpeas and beans (26%), fruit juices and canned tomatoes (14%) and chemicals (58%).

Regarding Argentine imports from the UK, purchases of fine pearls went up (75%), pharmaceutical products (61%), boilers and machines (48%), whiskey, gin and rum (94%) and iron and steel (334%).

”According to information collected by the Argentine Government based on the United Kingdom Customs service, Argentine exports to the British archipelago grew 12.7% in 2020, the first year of Brexit, while imports fell 28.5% year-on-year, generating a significant increase in the surplus (79.1%),” El Cronista also explained. (Source: El Cronista)