The data is from Argentina's tourist expenses in foreign currency almost entirely reflect the fall in the purchasing power of passengers as a result of the depreciation t of the weight. But foreign tourists' expenses in the country still do not rise in a similar way.
The item was key so that the balance of the current foreign exchange balance – the flow of foreign currency flows and outflows through the exchange of goods and services – brought the surplus of US $ 448 million to a month, the largest since January. 2016. The current account balance, if you do, is an indicator of the country's vulnerability to external shocks.
Last month Argentina made gross purchases of dollars for "flights and other card payments" for US $ 574 million t according to data from the February "Evolution of the Exchange and Balance Exchange Market" published yesterday by the Central Bank.
It represents a 44% contrast in foreign currency outflow for this concept compared to the same month last year, while between February 2018 and the same month t this year, the peso was depreciated at 47.35%.
Suppose a 44% reduction in foreign currency outflows for this concept of comparison with the same month last year t, although the peso between the beginning of February 2018 and the beginning of the same month this year depreciated 47.35% against the US dollar.
The data doesn't reflect perfectly the demand for dollars for tourism, because the concept of card expenses in foreign currency also includes buying online services and goods made t from the country on foreign websites. However, they are the nearest indicator of how we move one of the windows that produced more dollars created the economy until the sudden ran against the peso last year.
However, the fall in Argentina's overseas costs had not been matched by a similar increase in foreign currency receipts due to the arrival of foreign tourists. given that Argentina is cheaper as a destination. They reached US $ 188 million in February, an increase of 11% over the same month last year.
In 2017, Argentina spent US $ 10,577 million for this concept, compared to the expenses of tourists who visited the country for US $ 1,955 million in the same period. In 2018, the year of the crisis balancing payments, tourism expenses had reached US $ 8432 million, while overseas visitors to the country had added US $ 1920 million.
That imbalance reduces our speed quickly As a result of the peso depreciation, in the first two months of the year, it falls almost half. In January and February, the outflow of foreign currency by tourism decreased by 44.63% year on year, while foreign currency income through acceptable tourism climbed almost 5% year on year.