Accumulated trade deficit is 429% higher than in 2023 | Déficit comercial acumulado es 429% mayor que en 2023

By El Dia:

As of September, Bolivia’s accumulated trade deficit is 429% higher than in 2023

“The accumulated trade balance from January to September 2024 was ‘negative’ (-$329 million USD), 429% larger than during the same period in 2023 (-$62.2 million USD),” stated Luis Fernando Romero, president of the Departmental College of Economists of Tarija.

According to the National Institute of Statistics (INE), the accumulated trade balance for January to September 2024 is -$329 million USD, reflecting a decline in exports relative to imports.

Romero noted that exports fell by 15% compared to 2023, and accumulated exports from January to September decreased by 19%. He highlighted a 5% drop in exports in September 2024 compared to August 2024.

Of the $753.7 million USD exported in September 2024:

  • 42% corresponded to manufacturing,
  • 36% to mineral extraction,
  • 14% to hydrocarbon extraction,
  • and 7% to agriculture.

Romero attributes the “continuous deterioration of foreign trade” to the scarcity of dollars and a high-priced US dollar in the parallel market.

“The primary cause is the scarcity of dollars and the high cost of the American currency in the parallel market, which suppresses exports, especially in manufacturing, and further reduces imports. This is reflected in lower values of consumer and capital goods. Under the current economic model, this will lead to lower economic growth, reduced investment, and fewer jobs, as internal demand—both public and private—is key for the government,” Romero explained.

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