Overview
- ADIMRA reports a 4.6% year-on-year drop in October activity, with installed capacity use at 44.3%, one of the lowest levels on record.
- Year-to-date growth is a negligible 0.1% as a 0.3% monthly uptick failed to offset sharp declines in prior months.
- Metal product imports reached US$2.717 billion in September (+18.7% YoY in value, +42.6% in tonnes), while exports fell to US$416 million (-5.7% YoY).
- Contraction was broad: Foundry -12.7%, Electrical Equipment -8.6%, Capital Goods -3.9%, Autoparts -2.5%, with only Carrocerías y Remolques showing growth (+2.6%).
- Employment fell 2.9% year on year and sentiment is weak, with 67.4% of firms expecting flat or lower output and 83.3% planning no hiring or reductions; provinces led by Buenos Aires (-7.7%) mostly declined, with Entre Ríos slightly up (+0.5%).