Overview
- INDEC reported exports of $8.096 billion, up 24.1% year over year on 28% higher volumes as unit prices fell 3%.
- Imports reached $5.598 billion, up 6.6% from a year earlier, with seasonally adjusted purchases down 6.9% from October after earlier pre‑election front‑loading.
- China emerged as the top buyer at $1.317 billion, with roughly two thirds soybeans, reflecting accelerated shipments under the 0% soy duty.
- Energy exports exceeded $1.0 billion in November, rising 52.8% year over year, supported by higher oil output from Vaca Muerta.
- The terms of trade fell 3.5% and exports were concentrated in a few commodities, which limits the real improvement in purchasing power.