Argentina: Manufacturing deepened its crisis in March, plummeting 21.2%, marking the worst drop since the pandemic.

In March 2024, the seasonally adjusted index shows a negative variation of 6.3% compared to the previous month, and the index records a negative variation of 1.4% compared to the previous month.

The Manufacturing Industrial Production Index (IPI) showed a decrease of 21.2% compared to the same month in 2023, as reported by INDEC.

In the accumulated total for the first quarter of 2024, it presents a decrease of 14.8% compared to the same period in 2023.

In March 2024, the seasonally adjusted series index shows a negative variation of 6.3% compared to the previous month, and the trend-cycle series index records a negative variation of 1.4% compared to the previous month.

Of the sixteen divisions of the manufacturing industry analyzed by the statistical institute, all showed year-on-year declines.

In terms of their impact on the overall level, declines were recorded in “Food and beverages,” 14.2%; “Machinery and equipment,” 37.9%; “Basic metals industries,” 34.0%; “Non-metallic mineral products,” 35.8%; “Other equipment, apparatus, and instruments,” 42.8%; “Wood, paper, publishing, and printing,” 19.3%; “Furniture and mattresses, and other manufacturing industries,” 40.4%; “Motor vehicles, bodies, trailers, and parts,” 25.2%.

Meanwhile, Argentine stocks erased their initial gains on Wednesday, May 8th, on the Buenos Aires Stock Exchange, and dollar-denominated bonds traded lower as attention turned to political issues ahead of the Senate’s consideration of the Bases law proposed by the ruling party and prior to a massive general strike called by unions in opposition to it.

The S&P Merval lost 0.9%, closing at 1,450,498.790 units, after falling 2.2% on Tuesday after reaching a record level in pesos of 1,505,718.34 points.