Lower international liquidity is felt in Argentina and the outlook for the future is complex.
In July, losses caused by a drop in the terms of trade were US$757 million, the largest in the entire Fernández Administration. If the prices of July 2021 had prevailed, the trade balance would have shown a surplus of US$425 million instead of the registered deficit of US$437 million.
This is the third consecutive month in which the Argentine Commercial Exchange registers a loss due to worsening in the terms of trade. Previously, 18 consecutive months of gains had been recorded.