Argentine industry recorded the deepest decline since 1994

Industrial activity in April registered falls of 31 percent year-on-year and 17.4 percent monthly, thus registering the lowest level since the series began in 1994, as a result of the quarantine by Covid-19.

The data was provided today Monday by the report of the Center for Studies of the Argentine Industrial Union (Ceu), according to which in the first quarter of the year it accumulated a drop of 11.9 percent compared to the same period in 2019.

This exacerbates the crisis “the industry has already registered since 2015,” according to the study, which anticipates that the May data also recorded “a sharp drop in production.”

Compared to April 2015, the drop is 38.8 percent, but the level of production without seasonality is the lowest since February 2003.

In the fourth month of the year, the use of installed capacity averaged 42 percent in April, 19.6 percentage points less than in the same month of 2019.

It must be remembered that in April only 43 percent of formal industrial employment authorized to remain active.

The contraction was registered in practically all sectors, highlighting the automotive industry, which did not record production that month.

But the items considered essential during the quarantine such as food and beverages and the production of substances and chemicals, including the pharmacist, were the only ones to present more moderate falls and even slight year-on-year increases in their activity levels.

Below are the year-on-year variations for some items:

  • Automotive production: -100 percent.
  • Non-metallic minerals (includes cement shipments): -67 percent.
  • Textile products: -57.8 percent.
  • Base metals: -65.4 percent.
  • Chemical substances and products: -3.4 percent.
  • Oilseed milling: -1.9 percent
  • Food and Drinks: It grew 0.9 percent.