29 November 2011
As Argentina becomes an increasingly strong export economy, its total trade with the U.S. is setting new records with rising trade surpluses both nationally and for top trade gateways like the Miami Customs district.
Over the long term, however, Argentina has seen the value of its imports rise as consumers demand more foreign-made goods and inflation grows, making local production more costly. Some private analysts estimate inflation at 25 percent annually, the report added.
Argentina’s trade with the U.S. through September rose to a record $10.55 billion, a level unseen since the $10.25 billion high mark set in September 2008. U.S. exports to Argentina rose 76.05 percent to a record $7.25 billion, the first time their value surpassed both the $6 billion and $7 billion marks. Imports from Argentina are also on the rise, climbing 29.17 percent to $3.3 billion.
Argentina’s trade with the top five U.S. trade gateways was also up more than 20 percent in each instance.
- Trade with No. 1 Houston rose 53.81 percent to $2.15 billion. Exports rose 58.67 percent to $1.78 billion while imports rose 33.92 percent to $367.75 million.
- Trade with No. 2 Miami rose 21.42 percent to $2.15 billion. Exports rose 24.47 percent to $1.99 billion while imports fell 6.79 percent to $160.76 million.
- Trade with No. 3 New York City rose 45.30 percent to $1.14 billion. Exports rose 70.34 percent to $765.98 million as imports rose 11.91 percent to $377.32 million.
- Trade with No. 4 New Orleans rose 27.21 percent to $866.53 million. Exports rose 24.73 percent to $575.06 million while imports rose 32.40 percent to $291.48 million.
- Trade with No. 5 Jacksonville/Tampa rose 46.93 percent to $658.31 million. Exports rose 57.33 percent to $548.56 million while imports rose 10.43 percent to $109.74 million.
Through September, 23 Customs districts posted trade surpluses with Argentina while 20 had deficits. That compares to 20 surpluses and 23 deficits for the same period one year ago. The top surplus was with Miami at $1.82 billion, while Seattle has the largest deficit at $347.4 million.
Oil is the No. 1 U.S. import from Argentina, worth $864.38 million through September. Wine is a far-off No. 2, worth $236.38 million, followed by fruit and vegetables juices, iron tubes and pipers, and aluminum. Top U.S. exports to Argentina include refined oil, worth $1.18 billion through September, Computers, worth $281.24 million, fertilizers, worth $223.89 million, low value shipments, and land and cellphone equipment.
Argentina is the 10th most important trading partner for the Miami Customs district, which stretches from Port St. Lucie to the Florida Keys and has been the district’s No. 12 trading partner overall since at least 2008. Miami’s top exports to Argentina include computers, computer parts and aircraft while its top imports, whose total value through September slipped 6.79 percent compared to last year, include fruit and vegetable juice at No. 1 followed by imports of returned exports, engine parts, wine, and fruit and nuts.