Definition
Imports reflect the value of goods and services acquired by the domestic economy from the rest of the world and constitute a key indicator of the level of economic activity, investment, and domestic consumption.
Their dynamics are strongly influenced by the economic cycle, foreign currency availability, the real exchange rate, and trade policy, especially in economies with recurrent external constraints such as Argentina.
Analysis
Between 2015 and 2017, imports exhibited a sustained expansion, consistent with a period of greater trade openness and a recovery in domestic demand, particularly for capital goods and industrial inputs.
Starting in 2018, a marked contraction is observed, associated with the currency crisis, recession, and the tightening of external restrictions. This process deepened in 2020 due to the impact of the pandemic and the sharp decline in economic activity.
Between 2021 and 2022, imports recovered strongly, tracking the rebound in activity, although increasingly constrained by foreign exchange shortages. In 2023–2024, a new phase of adjustment emerged, linked to weaker consumption and investment, while in 2025 a significant rebound appears, consistent with economic reactivation and a greater normalization of foreign trade.