Mining IPI grew 10.4% year-on-year and reached the highest level since the start of the series in 2017.
Within crude oil, the main protagonist was once again the unconventional segment, with a year-on-year growth of 33.7%. This point puts Vaca Muerta back at the center, one of the country's most important strategic assets and one of the main bets to increase exports, generate foreign exchange and consolidate Argentina as a regional and global energy supplier
Argentine mining production reached a new historic record in March, consolidating one of the strategic sectors of the national economy. According to the Minister of Economy, Luis Caputo, the Industrial Mining Production Index grew 2.4% monthly in the seasonally adjusted series and 10.4% year-on-year, reaching the highest level since the beginning of the series, in
2017.The data confirms the strong dynamism of mining and energy in a context of greater macroeconomic order, investment recovery and better expectations for export sectors. Unlike other sectors that still have accumulated distortions over the years, mining appears to be one of the strongest engines of the new economic phase
.
At a disaggregated level, the report showed a year-on-year growth of 50.5% in the extraction of non-metalliferous minerals and application rocks, one of the most dynamic segments of the month. Crude oil extraction, which increased 16% year-on-year, and natural gas extraction, which registered an increase of 5.9%, were also highlighted
The trend-cycle indicator also grew 0.8% per month, was at record levels and accumulated 21 consecutive months of expansion. This is a relevant sign because it shows that the growth of the sector does not respond to an isolated jump, but to a sustained trend
.
The Government has been pointing out that Argentine recovery must be based on sectors capable of competing, investing and exporting. In this scheme, mining, energy and agriculture occupy a central place. Activities with real potential to transform the country's productive matrix
.The March record reinforces the strategic importance of mining and energy within the Government's economic program. With more production, greater investment and expanding export sectors, Argentina is beginning to recover the capacity to generate genuine foreign exchange and sustain growth on
a productive basis.
