Monday, February 26, 2024

ECONOMY | 07-02-2024 15:16

Milei hopes to boost slumping trade links between Argentina and Israel

With Argentina's President Javier Milei in Israel, the Argentine Chamber of Commerce (CAC) has prepared a report detailing the country’s main exports and imports – a look at trade between the two nations.

Vowing to move Argentina’s Embassy to Jerusalem, condemning Hamas terrorism and deepening his links with the Jewish religion, Javier Milei has made Israel the focal point of his first true presidential tour. 

Within that framework, the Argentine Chamber of Commerce (CAC in its Spanish acronym) has drawn up a report to outline the links between Argentina and Israel in numbers.

This report informs that last year’s trade between Argentina and Israel was US$525 million –11.8 percent less than in 2022. Bilateral trade thus fell off again after three years of continuous growth. ]

According to the document, this fall is explained in large measure by the plunge in Argentine exports (in volume) due to the ferocious drought hitting the country together with lower international prices. 

The trade balance between both countries registered a surplus of US$157 million, down in comparison with last year when the surplus was US$207 million. 

There has been a positive trade balance since 2001 with the highest surplus coming in 2021 at US$214 million, followed by the next year and 2009.
Argentine exports to Israel were US$341 million last year, 15 percent down from 2022. It is worth highlighting that Argentine sales averaged US$370 million between 2021 and 2023, superior to previous periods such as between 2007 and 2012 when the average was US$230 million.

Kosher beef, whether fresh or frozen, accounted for around two-thirds of exports (66.5 percent of the total), followed by maize (5.9 percent).

Argentine imports from Israel last year totalled US$184 million, down 5.1 percent from 2022. 

The main products imported were herbicides, conditioned for retail sale (10.4 percent), polyethylene (11.14 percent) and electronic devices, interrupters, commuters, etc. (six percent). In the past couple of years, they averaged US$189 million.  



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