{"id":42839,"date":"2025-05-21T10:46:55","date_gmt":"2025-05-21T13:46:55","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-21-05-25\/"},"modified":"2025-05-21T10:47:26","modified_gmt":"2025-05-21T13:47:26","slug":"cmf-pre-market-21-05-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-21-05-25\/","title":{"rendered":"CMF PRE-MARKET 21-05-25"},"content":{"rendered":"\n<p><strong><em>Se deteriora el super\u00e1vit comercial<\/em><\/strong><\/p>\n\n\n\n<p><em>La balanza comercial volvi\u00f3 a mostrar otro mes magro en abril con un saldo positivo de solo USD 204 millones, acumulando un total de USD 1.265 millones en lo que va de 2025. Como referencia, este n\u00famero contrasta con un acumulado de USD 6.208 millones en 2024. Las importaciones vienen creciendo a ritmo acelerado en los \u00faltimos meses, producto de la apreciaci\u00f3n cambiaria y la fuerte recuperaci\u00f3n de la actividad. En abril, las importaciones aumentaron 37% interanual contra solo 2,3% de las exportaciones. El saldo del sector petrolero refleja un dinamismo menor al esperado, principalmente por el impacto de menores precios del crudo a nivel internacional. No obstante, el super\u00e1vit comercial todav\u00eda se mantiene y acumula 17 meses consecutivos. <strong>Cabe mencionar que las importaciones contrarrestaron pr\u00e1cticamente toda la estacionalidad de la cosecha. Cuando esta se revierta, probablemente el saldo comercial pase a ser negativo. El gobierno anunci\u00f3 ayer que extender\u00e1 hasta marzo 2026 la reducci\u00f3n de retenciones a la cosecha fina, lo que podr\u00eda ayudar a contener el deterioro cuando la estacionalidad comience a jugar en contra.<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mercado de cambios:<\/strong> el d\u00f3lar oficial (A3500) abre la rueda en zona de $1.142.<\/li>\n\n\n\n<li><strong>Baja de retenciones: <\/strong>el ministro de Econom\u00eda anunci\u00f3 ayer que se extendi\u00f3 el recorte de retenciones para la cosecha fina hasta marzo del 2026. Las retenciones de la cosecha gruesa volver\u00e1n a aumentar el 1 de julio.<\/li>\n\n\n\n<li><strong>Super\u00e1vit comercial: <\/strong>el INDEC inform\u00f3 que en abril se logr\u00f3 un nuevo super\u00e1vit comercial, de USD 204 MM, por lo que el acumulado en el a\u00f1o asciende a USD 1.265 MM. Las importaciones aumentaron un 37,3% interanual y las exportaciones un 2,3% a\/a.<\/li>\n\n\n\n<li><strong>Actividad: <\/strong>hoy a las 16hs, el INDEC publicar\u00e1 el Estimador de Actividad del mes de marzo. A modo de referencia, el sector industrial cay\u00f3 4,5% mensual y la construcci\u00f3n se contrajo 4,1% mensual.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central anunci\u00f3 ayer nuevamente que no intervino en el mercado de divisas.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>los mercados globales operan a la baja, con el d\u00f3lar perdiendo terreno frente a las principales monedas. La curva de bonos del Tesoro contin\u00faa empin\u00e1ndose, de la mano de un aumento del risk-off global producto del deterioro de expectativas en Jap\u00f3n, con la parte larga de los bonos del Tesoro anotando m\u00e1ximos del siglo XXI. Por su parte, el crudo opera al alza, luego de que ayer aumentaran los rumores de un inminente ataque israel\u00ed a instalaciones nucleares en Ir\u00e1n.<\/li>\n<\/ul>\n\n\n\n<p><strong>Este informe ha sido elaborado a t\u00edtulo informativo. El presente NO debe ser tomado como una recomendaci\u00f3n o instrucci\u00f3n, y no reviste car\u00e1cter de ofertas de productos y\/o servicios ni solicitud de orden&nbsp;de compra y\/o venta. Banco CMF S.A. no ser\u00e1 responsable por ning\u00fan error y\/u omisi\u00f3n del contenido.<\/strong><\/p>\n\n\n\n<p><strong><em>Copyright \u00a9 2017 Banco CMF S.A. All rights reserved.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Se deteriora el super\u00e1vit comercial La balanza comercial volvi\u00f3 a mostrar otro mes magro en abril con un saldo positivo de solo USD 204 millones, acumulando un total de USD 1.265 millones en lo que va de 2025. Como referencia, este n\u00famero contrasta con un acumulado de USD 6.208 millones en 2024. Las importaciones vienen creciendo a ritmo acelerado en los \u00faltimos meses, producto de la apreciaci\u00f3n cambiaria y la fuerte recuperaci\u00f3n de la actividad. En abril, las importaciones aumentaron 37% interanual contra solo 2,3% de las exportaciones. El saldo del sector petrolero refleja un dinamismo menor al esperado, principalmente [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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Berra","author_link":"https:\/\/www.bancocmf.com.ar\/en\/author\/fberra\/"},"featured_img":null,"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"gs-tiny":false,"xl":false,"xxl":false,"xxxl":false,"xxxxl":false,"xxxxxl":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"Franco Adrian Berra","author_link":"https:\/\/www.bancocmf.com.ar\/en\/author\/fberra\/"},"uagb_comment_info":0,"uagb_excerpt":"Se deteriora el super\u00e1vit comercial La balanza comercial volvi\u00f3 a mostrar otro mes magro en abril con un saldo positivo de solo USD 204 millones, acumulando un total de USD 1.265 millones en lo que va de 2025. Como referencia, este n\u00famero contrasta con un acumulado de USD 6.208 millones en 2024. Las importaciones vienen&hellip;","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.bancocmf.com.ar\/en\/category\/pre-market-daily-close-en\/\" class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/span>"]}},"comment_count":0,"relative_dates":{"created":"Posted 11 months ago","modified":"Updated 11 months ago"},"absolute_dates":{"created":"Posted on May 21, 2025","modified":"Updated on May 21, 2025"},"absolute_dates_time":{"created":"Posted on May 21, 2025 10:46 am","modified":"Updated on May 21, 2025 10:47 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/comments?post=42839"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42839\/revisions"}],"predecessor-version":[{"id":42840,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42839\/revisions\/42840"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=42839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=42839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=42839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}