/D DFWLYLGDG IUXWLOOHUD HQ ODSURYLQFLDGH7XFXPiQ\ $UJHQWLQD 3URGXFFLyQH[SRUWDFLRQHVLPSRUWDFLRQHV \SUHFLRVGHODIUXWLOODIUHVFD\FRQJHODGD HQ$UJHQWLQD ,QWURGXFFLyQ /DSURGXFFLyQGHIUXWLOODHQHOPXQGR 6LWXDFLyQQDFLRQDOGHODSURGXFFLyQGHIUXWLOOD 2IHUWD\GHPDQGDGHIUXWLOOD$UJHQWLQD 'HVWLQRGHODSURGXFFLyQ ,QJUHVRVGHIUXWLOODIUHVFDDO0HUFDGR&HQWUDOGH%XHQRV$LUHV 0&%$ ,PSRUWDFLyQGHIUXWLOODIUHVFD\FRQJHODGDGHVGH$UJHQWLQD )UXWLOODIUHVFD )UXWLOODFRQJHODGD ([SRUWDFLRQHVDUJHQWLQDVGHIUXWLOODIUHVFD\FRQJHODGD )UXWLOODIUHVFD )UXWLOODFRQJHODGD &RPSRUWDPLHQWRGHORVSUHFLRVLQWHUQRVGHODIUXWLOOD 3UHFLRVGHODIUXWLOODFRQJHODGD\SDUDLQGXVWULD 6LWXDFLyQGHODSURGXFFLyQWXFXPDQDGHIUXWLOOD (YROXFLyQGHODVXSHUILFLHSODQWDGD\GHODSURGXFWLYLGDGGHO FXOWLYRGHIUXWLOODHQ7XFXPiQ /RVSURGXFWRUHVGHIUXWLOODGH/XOHV /RVSURGXFWRUHVGHIUXWLOODHQ7DItGHO9DOOH &DQDOHVGHFRPHUFLDOL]DFLyQGHIUXWLOODHQ7XFXPiQ (PSUHVDVSURFHVDGRUDVGHIUXWLOODHQ7XFXPiQ 3UHFLRVGHODIUXWLOODHQ7XFXPiQ )DFWLELOLGDGHFRQyPLFDGHOFRQJHODGRGHIUXWLOODHQ7XFXPiQ 5HVXOWDGRV 3XEOLFDFLyQ (VSHFLDO 1 &RQFOXVLRQHV $QiOLVLV)2'$ %LEOLRJUDItD ,QWURGXFFLyQ GXFWRUDVGHIUXWLOODTXHFXHQWDQ FRQ WHFQRORJtD GH IUtR \ FRQJH ODGR$OJXQDVGHHVWDVHPSUHVDV H[SRUWDQFRQUHJXODULGDGIUXWLOOD FRQJHODGD HQ EORTXHV \ FRPR FRQJHODGRLQGLYLGXDOUiSLGR,4) $XQTXH HO VHFWRU KD FUH FLGR HQ ORV ~OWLPRV DxRV WLHQH LQFRQYHQLHQWHV YLQFXODGRV D SpUGLGDV SRU IDOWD GH XQ DGH FXDGR WUDWDPLHQWR GH SRVWFR VHFKD \ D IDOODV HQ OD ORJtVWLFD \ FRPHUFLDOL]DFLyQ SULQFLSDO PHQWHHQHOVHJPHQWRLQWHJUD GR SRU SHTXHxRV SURGXFWRUHV 7DPELpQ FRPR RFXUUH HQ OD PD\RUtDGHODVSURGXFFLRQHVGH LPSRUWDQFLD UHJLRQDO FDUHFH GH SROtWLFDVLQWHJUDOHVGHGHVDUUR OOR VRVWHQLEOH (O SUHVHQWH WUDEDMR WLHQH FRPRREMHWLYRRIUHFHUDODVSHU VRQDV TXH HVWiQ LQWHUHVDGDV HQ HO FXOWLYR GH IUXWLOOD SURGXFWR UHV LQYHUVLRQLVWDV LQYHVWLJDGR UHV H[WHQVLRQLVWDV VHFWRU IL QDQFLHUR \ DXWRULGDGHV GHO JR ELHUQRLQIRUPDFLyQVREUHODHYR OXFLyQ VLWXDFLyQ DFWXDO ODV SR WHQFLDOLGDGHV GHO FXOWLYR HQ 7X FXPiQ \ VX LPSRUWDQFLD GHQWUR GHO VHFWRU IUXWLOOHUR $UJHQWLQR $GHPiV VH DQDOL]DQ WHQGHQFLDV HQHOPHUFDGRORFDO\QDFLRQDO\ VH RIUHFHQ HVWDGtVWLFDV VREUH ORV SUHFLRV GH OD IUXWD 3XEOLFDFLyQ (VSHFLDO 1 /D IUXWLOOD HV XQ IUXWR GH H[FHSFLRQDOHV FDUDFWHUtVWLFDV TXHVHFRQVXPHHQIRUPDIUHV FD GHVKLGUDWDGD FRQJHODGD R HQ FRQVHUYD 6X FXOWLYR WLHQH JUDQ LQWHUpV VRFLDO SRU HO DOWR UHTXHULPLHQWRGHPDQRGHREUD HQ OD SURGXFFLyQ D FDPSR HP SDTXHHLQGXVWULDGHOFRQJHODGR 'HVGH HO SXQWR GH YLVWD HFRQy PLFRUHJLRQDOHVPX\LPSRUWDQWH SRUHOYDORUDJUHJDGRTXHSXHGH DGTXLULUGHELGRDVXVFXDOLGDGHV SDUDODLQGXVWULDOL]DFLyQ\H[SRU WDFLyQ$GHPiVSRUODJUDQFDQ WLGDG GH LQVXPRV TXH HPSOHD SHUPLWLUtDHOGHVDUUROORGHQXPH URVDV DFWLYLGDGHV DOUHGHGRU GH HOODDJURLQVXPRVWHFQRORJtDGH ULHJR IUtR HPSDTXH VHUYLFLRV GH PDUNHWLQJ HWF 7XFXPiQ SUHVHQWD ]RQDV FRQ H[FHOHQWHV FRQGLFLRQHV DJURHFROyJLFDV SDUD HO FXOWLYR GH IUXWLOOD \ SURGXFH HVWD IUXWD SUiFWLFDPHQWH WRGR HO DxR /D SURGXFFLyQ SULPLFLD FRPSUHQGH HO SHUtRGR PD\R ± DJRVWR OD IUXWLOOD GH HVWDFLyQ HV FRVHFKD GDGHVHSWLHPEUHDQRYLHPEUH\ OD SURGXFFLyQ GH YHUDQR GH GL FLHPEUH D PDU]R /DV IUXWLOODV SULPLFLD\GHHVWDFLyQSURFHGHQ GH /XOHV \ OD GH YHUDQR GH 7DIt GHO 9DOOH $FWXDOPHQWH KD\ HQ 7XFXPiQ FLQFR HPSUHVDV SUR /DSURGXFFLyQGHIUXWLOODHQHOPXQGR 'H DFXHUGR FRQ ODV HVWD GtVWLFDVSXEOLFDGDVSRUOD)$2OD SURGXFFLyQ PXQGLDO GH IUXWLOODV FRPSUHQGH DSUR[LPDGDPHQWH PLOORQHV GH WRQHODGDV \ H[SHUL PHQWy XQ VLJQLILFDWLYR DXPHQWR HQODVGRV~OWLPDVGpFDGDV3UiF WLFDPHQWHXQGHODIUXWLOOD SURGXFLGDHQHOPXQGRSURYLHQH GH GLH] SDtVHV (VWDGRV 8QLGRV FRQXQDSURGXFFLyQGHDOUHGHGRU GH W HQ HO HV HO SULQFLSDO SURGXFWRU GH IUXWLOODV 6X SURGXFFLyQ GXSOLFD SUiFWLFD PHQWH D OD GH (VSDxD VHJXQGR SURGXFWRU PXQGLDO 3RORQLD VH GHVWDFD FRPR SURGXFWRU GH IUX WLOODSURFHVDGD(OUHVWDQWH GH OD SURGXFFLyQ PXQGLDO GH IUXWLOODV FRUUHVSRQGH D QXPHUR VRV SDtVHV HQWUH ORV TXH HVWi $UJHQWLQD )LJXUD )LJXUD )UXWLOOD SURGXFFLyQ PXQGLDO \ SDUWLFL SDFLyQ GH ORV SULQFLSDOHV SURGXFWRUHV HQ 6LWXDFLyQQDFLRQDOGHODSURGXFFLyQGH IUXWLOOD 3XEOLFDFLyQ (VSHFLDO 1 $UJHQWLQD SXHGH DEDVWH FHUVHGHIUXWLOODORVGRFHPHVHV GHODxR)LJXUD /DSURGXF FLyQ GH DFXHUGR D HVWLPDFLRQHV ORFDOHVHVGHDOUHGHGRUGH W /D VXSHUILFLH SODQWDGD FRQ IUXWLOOD HQ HO SDtV DEDUFD KR\ DSUR[LPDGDPHQWHKDFRQ YDULDFLRQHVGHHQWUH\ HQORV~OWLPRVDxRV7DEOD (O FXOWLYR FRPHUFLDO VH OOHYD D FDER HQ VLHWH SURYLQFLDV FRQ FHQWUDQGR 6DQWD )p \ 7XFXPiQ HO GH OD SURGXFFLyQ .LUVFKEDXP\+DQFRFN /RVUHQGLPLHQWRVYDUtDQGHXQD SURYLQFLDDRWUD\HOPi[LPRHQ PXFKRV FDVRV SUiFWLFDPHQWH GXSOLFDDOPtQLPRGHELGRDSUR EOHPDV FOLPDWROyJLFRV R D XQ LQHILFLHQWH XVR GH WHFQRORJtDV 'H DFXHUGR FRQ HVWLPDFLRQHV ORFDOHV HO UHQGLPLHQWR PtQLPR DUJHQWLQR HVWi HQ WKD \ HO Pi[LPR HQ WKD (PSOHDQGR SODQWLQHVGHOVXUGHOSDtV\YDULH GDG &DPDURVD ORV UHQGLPLHQWRV HQ 7XFXPiQ OOHJDQ D WKD )LJXUD &DOHQGDULR GH LQLFLR \ ILQ GH SURGXFFLyQ GH IUXWLOOD SRU SURYLQFLD 1R VH HQFRQWUDURQ HVWDGtVWLFDV GH VXSHUILFLH \ SURGXFFLyQ GH IUXWLOOD D QLYHO GH ORV RUJDQLVPRV QDFLRQDOHV SRU OR TXH VH UHFXUULy D LQIRUPDQWHV FDOLILFDGRV HQ ODV SULQFLSDOHV SURYLQFLDV SURGXFWRUDV $ SDUWLU GH OD LQIRUPDFLyQ EULQGDGD SRU ORV PLVPRV VH HVWLPDURQ DOJXQRV GH ORV GDWRV \ 7DEODV TXH DSDUHFHQ HQ HVWH DSDUWDGR 7DEOD 6XSHUILFLH UHQGLPLHQWR \ SURGXFFLyQ GH IUXWLOOD HQ $UJHQ WLQD HQ ODV ~OWLPDV FDPSDxDV )XHQWH(($2&HODERUDGRFRQGDWRVGH5RD6FDJOLD0$*<&6DQWD)p 0LQLVWHULRGHOD3URGXFFLyQGH&RUULHQWHV2,7,17$0DUGHO3ODWD\)$2 2IHUWD\GHPDQGDGHIUXWLOOD$UJHQWLQD ,QJUHVRVGHIUXWLOODIUHVFDDO 0HUFDGR &HQWUDO GH %XHQRV $LUHV0&%$ +DVWDHQWUHXQ\ GH OD IUXWLOOD IUHVFD VH FRPHUFLDOL]DEDDWUDYpVGHO0&%$ DXQTXHHVWDVLWXDFLyQWHQGtDD UHYHUWLUVHFRQHODXPHQWRGHOD SDUWLFLSDFLyQGHODVJUDQGHVFD GHQDVGHVXSHUPHUFDGRVHQOD FRPHUFLDOL]DFLyQ GH SURGXFWRV IUHVFRV 7RUFKHOOL \ )HUUHLUD /DIUXWLOODTXHVHFRPHU FLDOL]D HQ HO PHUFDGR SURYLHQH SULQFLSDOPHQWHGH6DQWD)H7X FXPiQ %V$V \ &RUULHQWHV 'HVGHHOH[WHULRUHUDXVXDOUHFLELU IUXWDFKLOHQD\EUDVLOHUDDXQTXH GXUDQWHHODxRQRVHUHJLV WUDURQLQJUHVRVGHIUXWLOODGHHV WRVSDtVHV7DEOD (Q SURPHGLR GXUDQWH ORV ~OWLPRVDxRVLQJUHVDURQDQXDO PHQWHDO0&%$DOUHGHGRUGH WGHIUXWLOOD/RVPD\RUHVYRO~ PHQHVGHIUXWDLQJUHVDQDO0&%$ HQWUHVHSWLHPEUH\RFWXEUHGRQ GH FRQIOX\HQ HO JUXHVR GH ODV FRVHFKDVVDQWDIHVLQDFRUUHQWLQD \WXFXPDQD$XQTXH7XFXPiQ FRPHUFLDOL]DODPD\RUSDUWHGHVX 3XEOLFDFLyQ (VSHFLDO 1 'HVWLQRGHODSURGXFFLyQ (Q$UJHQWLQDODSURGXFFLyQ GH IUXWLOOD QR WLHQH XQ GHVWLQR GHILQLGRHVGHFLUQRVHSURGXFH IUXWLOODSDUDVHUH[FOXVLYDPHQWH FRPHUFLDOL]DGDHQIUHVFRRIUXWL OOD SDUD FRPHUFLDOL]DUVH HQ LQ GXVWULD+DVWDHODxRXQD SDUWHGHODSURGXFFLyQHQWUHXQ \VHGHVWLQDEDDFRQVX PRIUHVFR\HOUHVWRGHPHQRU FDOLGDGDODLQGXVWULDSDUDHOD ERUDFLyQGHGXOFHV\PHUPHODGD (QHO~OWLPRWULHQLR XQDSDUWHLPSRUWDQWHGHODSUR GXFFLyQSULQFLSDOPHQWHHQ7X FXPiQVHGHVWLQyDOFRQJHODGR ,4)\VHH[SRUWy /DV LQGXVWULDV SURGXFWR UDVGHIUXWLOODFRQJHODGDVHOR FDOL]DQ PD\RUPHQWH HQ 7XFXPiQDXQTXHWDPELpQODV KD\HQ6DQWD)p\&RUULHQWHV 6DQWD)pSURFHVDHOGHVX SURGXFFLyQ GH IUXWLOOD 5RD SUHIHUHQWHPHQWH SDUD KHODGHUtDUHSRVWHUtDPHUPH ODGDVIUXWDHQDOPtEDU\\RJXUW (VWD SURYLQFLD HQ SHTXHxRV YRO~PHQHVWDPELpQH[SRUWDIUX WDIUHVFD\HODERUDGD 7DEOD ,QJUHVRV DQXDOHV GH IUXWLOOD IUHVFD DO 0&%$ HQ WRQHODGDV SHUtRGR ± )XHQWH(($2&HODERUDGRFRQGDWRVGHO0HUFDGR&HQWUDOGH%XHQRV$LUHV SURGXFFLyQHQHVWRVPHVHVORV LQJUHVRVGHIUXWDWXFXPDQDFR PLHQ]DQHQPD\R\VRQLPSRU WDQWHVGHVGHMXOLRFRPSDUDGRV FRQORVGHRWUDVSURYLQFLDV/D SURGXFFLyQGH%XHQRV$LUHVVH FRPHUFLDOL]DSULQFLSDOPHQWHHQ YHUDQR)LJXUD 3XEOLFDFLyQ (VSHFLDO 1 )LJXUD )UXWLOOD LQJUHVDGD DO 0&%$ SRU RULJHQ SURPHGLRV PHQVXD OHV ,PSRUWDFLyQGHIUXWLOODIUHVFD \FRQJHODGDGHVGH$UJHQWLQD )UXWLOODIUHVFD 'XUDQWHORVDxRV\ ODVLPSRUWDFLRQHVDUJHQWL QDVGHIUXWLOODIUHVFDIXHURQSUiF WLFDPHQWHQXODVGHELGRSULQFL SDOPHQWHDOWLSRGHFDPELRDF WXDOSRFRIDYRUDEOHSDUDODLP SRUWDFLyQ7DEOD(QWUH \HOORVYRO~PHQHVGHIUXWLOOD LQJUHVDGRVDOSDtVQRSUHVHQWD URQXQFRPSRUWDPLHQWRHVWDEOH HIHFWXiQGRVHSULQFLSDOPHQWHGX UDQWHORVPHVHVGHMXQLR\MXOLR /DIUXWLOODIUHVFDLPSRUWDGDHQHO SHUtRGR PHQFLRQDGR LQJUHVy D $UJHQWLQDSULQFLSDOPHQWHGHVGH %UDVLO\&KLOH'HVGH%UDVLOGH PD\R D DJRVWR \ GH &KLOH GH HQHUR D DEULO \ GH RFWXEUH D GLFLHPEUH )UXWLOODFRQJHODGD $UJHQWLQDLPSRUWyHQSUR PHGLRGXUDQWHORV~OWLPRVDxRV DOUHGHGRUGHWGHIUXWLOOD FRQJHODGDVHGHVWDFDHODxR HQ TXH SUiFWLFDPHQWH QRKXERLPSRUWDFLyQ7DEOD /DVLPSRUWDFLRQHVVHUHDOL]DQ GXUDQWH WRGR HO DxR SHUR PD\RUPHQWH HQ MXOLR R HQ HO YHUDQR HQ GLFLHPEUH \ HQHUR /DVLPSRUWDFLRQHVDUJHQWLQDVGH IUXWLOODFRQJHODGDWLHQHQRULJHQ HQ&KLOH&KLQD(VWDGRV8QLGRV \0p[LFR&KLOHHVHO~QLFRSDtV FX\DVH[SRUWDFLRQHVD$UJHQWL QDIXHURQSHUPDQHQWHVHQORV ~OWLPRV DxRV (Q HO VH GHVWDFD&KLQDTXHIXHSUiFWLFD PHQWH HO ~QLFR SURYHHGRU FRQ PiVGHW ([SRUWDFLRQHVDUJHQWLQDVGH IUXWLOODIUHVFD\FRQJHODGD )UXWLOODIUHVFD /RVYRO~PHQHVGHIUXWLOOD IUHVFDH[SRUWDGRVSRU$UJHQWL QDVRQPX\SHTXHxRV7DEOD \FRUUHVSRQGHQDORVPH VHV GH SULPDYHUD \ YHUDQR VLHQGR QRYLHPEUH HO PHV GH Pi[LPDYHQWDDOH[WHULRUGX UDQWHORV~OWLPRVFLQFRDxRV (O GHVWLQR GH HVWDV H[SRUWD FLRQHVHVSULQFLSDOPHQWH(V WDGRV 8QLGRV &KLOH\ %UDVLO (VSRUiGLFDPHQWHVHKDHQYLDGR IUXWLOODD)UDQFLD$OHPDQLD,WD OLDHWF7DEOD )UXWLOODFRQJHODGD (OYROXPHQGHIUXWLOODFRQ JHODGDH[SRUWDGRSRU$UJHQWLQD HVSHTXHxRVLQHPEDUJRGHVGH HO DxR ODV H[SRUWDFLRQHV 3XEOLFDFLyQ (VSHFLDO 1 7DEOD (YROXFLyQ GH ODV LPSRUWDFLRQHV GH IUXWLOOD IUHVFD \ FRQJHODGD GH $UJHQWLQD (Q WRQHODGDV SHUtRGR Fuente: EEAOC, elaborado con datos de Secretaria de Comercio Exterior de la Nación Argentina y el INDEC. * 2004 solo 7 meses 7DEOD (YROXFLyQ GH ODV H[SRUWDFLRQHV GH IUXWLOOD IUHVFD \ FRQJHODGD GH $UJHQWLQD (Q WRQHODGDV SHUtRGR Fuente: EEAOC, elaborado con datos de Secretaria de Comercio Exterior de la * 2004 solo 7 meses Nación Argentina y el INDEC. 7DEOD ([SRUWDFLRQHV PHQVXDOHV GH IUXWLOOD IUHVFD GHVGH $UJHQWLQD (Q WRQHOD GDV SHUtRGR Fuente: EEAOC, elaborado con datos de Secretaria de Comercio Exterior de la Nación Argentina y el INDEC. 3XEOLFDFLyQ (VSHFLDO 1 VRQFUHFLHQWHV'XUDQWHHO ODV H[SRUWDFLRQHV GXSOLFDURQ D ODVGHHQORTXHYDGHO VHH[SRUWDURQWGHIUXWLOODV FRQJHODGDV7DEOD6HH[SRU Wy SUiFWLFDPHQWH HQ WRGRV ORV PHVHVVLHQGRRFWXEUHQRYLHP EUH \ GLFLHPEUH ORV PHVHV GH PD\RUHVYRO~PHQHVH[SRUWDGRV 7DEOD(OGHVWLQRGHODVH[ SRUWDFLRQHVIXHSULQFLSDOPHQWH (VWDGRV8QLGRV&DQDGi%UDVLO 5HLQR8QLGR\~OWLPDPHQWH&KLQD 7DEOD 7DEOD ([SRUWDFLRQHV PHQVXDOHV GH IUXWLOOD FRQJHODGD GHVGH $UJHQWLQD (Q WRQHODGDV SHUtRGR Fuente: EEAOC, elaborado con datos de Secretaria de Comercio Exterior de la Nación Argentina y el INDEC. *2002 y 2004 hasta julio 7DEOD ([SRUWDFLRQHV DQXDOHV GH IUXWLOOD FRQJHODGD GHVGH $UJHQWLQD (Q WRQHODGDV VHJ~Q GHVWLQR SHUtRGR Fuente: EEAOC, elaborado con datos de Secretaria de Comercio Exterior de la Nación Argentina y el INDEC. 0p[LFR/RVGHUHFKRVGHLPSRU WDFLyQVRQGHO &KLQD/RVGHUHFKRVGHLPSRUWD FLyQVRQGHO 5HLQR8QLGR)UDQFLD$OHPD QLD +RODQGD WLHQHQ RWRUJD GRVORV6LVWHPDV*HQHUDOL]DGRV GH 3UHIHUHQFLD 6*3 SDUD $U JHQWLQDSHURFRPRQRKD\KR PRORJDFLyQQRVHDSOLFDODH[HQ FLyQ GH 'HUHFKRV FRQ OR FXDO QXHVWURSDtVGHEHSDJDUORVDUDQ FHOHVGHLPSRUWDFLyQSDUDIUXWD FRQRVLQDJUHJDGRGHD]~FDU /RVDUDQFHOHVHVWDFLRQDULRVYDQ GHVGHHOKDVWDHO (XURVHOTXLQWDO 3XEOLFDFLyQ (VSHFLDO 1 $UDQFHOHVDODH[SRUWDFLyQ /DVH[SRUWDFLRQHVDUJHQ WLQDVGHIUXWLOODSUHVHQWDQXQD VHULHGHLQFRQYHQLHQWHVYLQFXOD GRV FRQ OD IDOWD GH DFXHUGRV ELODWHUDOHVHQWUH$UJHQWLQD\ORV SDtVHV D GRQGH VH GHVWLQD OD IUXWDVLWXDFLyQFRQWUDVWDQWHFRQ HOSRVLFLRQDPLHQWRTXHHQHVWH VHQWLGRKDQDOFDQ]DGRQXHVWURV YHFLQRV&KLOH%ROLYLD\8UXJXD\ /RVDUDQFHOHVSDUDORVGHVWLQRV PiVLPSRUWDQWHVSDUDODIUXWLOOD FRQJHODGDDUJHQWLQDVRQ ((88$UDQFHOSDUDODLPSRUWD FLyQGHIUXWLOODFRQJHODGDVFRQ\ VLQDJUHJDGRGHD]~FDU &RPSRUWDPLHQWR GH ORV SUHFLRV LQWHUQRV GH OD IUXWLOOD /RV SUHFLRV GH OD IUXWLOOD YDUtDQVHJ~QHOGHVWLQRIUHVFR LQGXVWULD PHUFDGR ORFDO QD FLRQDORH[SRUWDFLyQHQDOJX QRVFDVRVFRQODpSRFDGHODxR \WDPELpQGHDFXHUGRDODFD OLGDG7DEODV\(QJHQHUDO ODIUXWLOODGHFDOLGDGLQIHULRUHV ODTXHVHGHVWLQDDODLQGXVWULD OL]DFLyQ\ODTXHWLHQHXQPHQRU SUHFLR SXOSDV GXOFHV PHU PHODGDV3RUHOFRQWUDULRHO SURFHVRGHFRQJHODGR,4)UH TXLHUH IUXWD GH PX\ EXHQD FDOLGDG 3UHFLRVGHODIUXWLOODIUHVFDHQ HO0&%$ +DVWDHODxR$UJHQ WLQDFRPHUFLDOL]yODPD\RUSDUWH GHVXSURGXFFLyQGHIUXWLOODWDQWR IUHVFD FRPR FRQJHODGD HQ HO PHUFDGR ORFDO (O SUHFLR DQXDO SURPHGLR\ORVSUHFLRVPi[LPRV GHODIUXWLOODFRPHUFLDOL]DGDHQHO 0&%$IXHURQHQJHQHUDOGHFUH FLHQWHVGHVGH/RVSUHFLRV PHQVXDOHVPiVHOHYDGRVFRUUHV SRQGHQDPD\R\MXQLRGHDFXHU GR D ORV GDWRV GH ORV ~OWLPRV QXHYHDxRV/RVPHQRUHVSUH 3XEOLFDFLyQ (VSHFLDO 1 7DEOD (YROXFLyQ GH ORV SUHFLRV PHQVXDOHV GH OD IUXWLOOD LQJUHVDGD DO PHUFDGR &HQWUDO GH %XHQRV $LUHV HQ GyODUHVNJ Fuente: EEAOC, elaborado con datos del MCBA y el Banco Central de la República Argentina. 7DEOD 3UHFLRV SURPHGLRV DQXDOHV GH OD IUXWLOOD LQJUHVDGD DO 0&%$ SUHFLRV )2% %V$V GH LPSRUWDFLyQ \ H[SRUWDFLyQ GH IUXWLOOD IUHVFD \ FRQJHODGD HQ $UJHQWLQD (Q GyODUHV SHUtRGR Fuente: EEAOC, elaborado con datos del MCBA y el Banco Central de la República Argentina. FLRV RFXUUHQ HQ VHSWLHPEUH \ RFWXEUH7DEOD(OSUHFLRGHOD IUXWLOODLQJUHVDGDDO0&%$WLHQH XQD FRQVLGHUDEOH YDULDFLyQ HVWDFLRQDO H[LVWLHQGR XQD FR UUHODFLyQDOWDPHQWHVLJQLILFDWLYD HQWUHSUHFLRYROXPHQ\PHVGH LQJUHVRGHOSURGXFWRDOPHUFDGR 7DEOD 3UHFLRVGHODIUXWLOODFRQJHOD GD\SDUDLQGXVWULD (OSUHFLR)2%%V$VGHOD IUXWLOODFRQJHODGDH[SRUWDGDVH PDQWXYRDOUHGHGRUGHGyODUHO NLORHQWUH\7DEOD 1RVHREVHUYDQYDULDFLRQHVHV WDFLRQDOHV HQ ORV SUHFLRV GH OD IUXWLOOD FRQJHODGD H[SRUWDGD QL LPSRUWDGDHQHOSHUtRGRFRQVLGH UDGR +DVWD HO HO SUHFLR LQGXVWULD GH IUXWLOOD SXOSDV PHUPHODGDVKHODGHUtDHVWDED HQWUH \ XVNJ \ QR WHQtDYDULDFLRQHVHQGLIHUHQWHV VLWLRVGHOSDtV&HUYLxR (Q HO HO SUHFLR LQGXVWULD SDUD FRQJHODGR HQ 7XFXPiQ HVWXYRDOUHGHGRUGHNJ /RV SUHFLRV GH OD IUXWLOOD FRPHUFLDOL]DGDHQIUHVFRWDQWR GHO 0&%$ FRPR ORV SUHFLRV GH H[SRUWDFLyQIXHURQDOUHGHGRUGHO GREOHGHODIUXWLOODSDUDLQGXVWULD GHOPHUFDGRQDFLRQDO\DORVGH IUXWLOODFRQJHODGDGHH[SRUWDFLyQ 6LWXDFLyQGHODSURGXFFLyQ WXFXPDQDGHIUXWLOOD SURGXFFLyQVHLQFUHPHQWyIXHUWH PHQWH FRPR FRQVHFXHQFLD GHO DXPHQWRHQORVUHQGLPLHQWRVDO FDQ]DQGRHQDOUHGHGRUGH W7DEOD+DVWDHO UHQGLPLHQWRSURPHGLRHVWXYRHQ WKD6LQHPEDUJRKR\ORVSURGXF WRUHVGHIUXWLOODJUDQGHVPHGLDQRV \DOJXQRVGHORVSHTXHxRVORJUDQ UHQGLPLHQWRVSURPHGLRVGHD WKDRPiV(OGHODODVXSHILFLH VHGHVLQIHFWDFRQEURPXURVLQpO ORVUHQGLPLHQWRVFDHUtDQDODPL WDG6yORXQDSDUWHGHORVSHTXH xRVSURGXFWRUHVREWLHQHQULQGHV PHGLRVGHORUGHQGHODVWKD 7DEOD +DVWDHODxRHQWUHHO \GHODIUXWLOODSURGX FLGDHQ7XFXPiQVHGHVWLQDEDDO FRQVXPRHQIUHVFR\VHFRPHU FLDOL]DED HQ HO PHUFDGR ORFDO UHJLRQDO\HQ%XHQRV$LUHV(O UHVWRFRQIRUPDGRJHQHUDOPHQ WHSRUODSURGXFFLyQPiVWDUGtD \GHPHQRUFDOLGDGVHGLULJtDD LQGXVWULDVTXHFRQVXPHQSXOSD SDUDODFRQIHFFLyQGHGXOFHV\D 3XEOLFDFLyQ (VSHFLDO 1 HQWRGRHOSHUtRGRFRQVLGHUDGR 7DEOD (YROXFLyQ GH OD VXSHUILFLH SODQWDGD\GHODSURGXFWLYL GDGGHOFXOWLYRGHIUXWLOODHQ 7XFXPiQ (O FXOWLYR GH IUXWLOOD HQ 7XFXPiQVHFRQRFHGHVGHSULQ FLSLRVGHVLJORVLQHPEDUJRODV SODQWDFLRQHVFRPHUFLDOHVFRPHQ ]DURQUHFLpQHQFRQVROR KDFXOWLYDGDV0DUWtQH]1RYLOOR HWDO/DVSODQWDFLRQHV GHIUXWLOODHQ7XFXPiQVHFRQ FHQWUDQ SULQFLSDOPHQWH HQ ORV 'HSDUWDPHQWRV/XOHV\7DItGHO 9DOOH.LUVFKEDXP(OJUDQ LQFUHPHQWRGHVXSHUILFLHFRQHO FXOWLYR FRPHQ]y D ILQHV GH OD GpFDGD GHO DOFDQ]DQGR XQ SLFRGHKDHQYDORUTXH KDVLGRVXSHUDGRHQ(OiUHD SODQWDGDHQWUHODVFDPSDxDV \ IXHGHDSUR[LPDGD PHQWHKDHQHODEDUFy KD7DEOD\HQVH HVWLPDHQKD (QODV~OWLPDVFDPSDxDVOD /D SURYLQFLD GH 7XFXPiQ GHVGH HO DxR QR FXHQWD FRQ HVWDGtVWLFDV RILFLDOHV GH SURGXFFLyQ VXSHUILFLH \ UHQGLPLHQWR SRU KD SDUD SURGXFFLRQHV KRUWtFRODV HQWUH ODV TXH VHLQFOX\HDODIUXWLOOD/D(($2&UHDOL]yXQDFRQVXOWDDORVPHGLDQRV\JUDQGHVSURGXFWRUHV GHIUXWLOODDSDUWLUGHpVWD\FRQORVGDWRVSURSRUFLRQDGRVSRUORVWpFQLFRVGHO,17$)DPDLOOi VH HVWLPy OD SURGXFFLyQ \ ORV UHQGLPLHQWRV SURPHGLRV GH ORV DxRV \ 7DEOD 7XFXPiQ VXSHUILFLH SURGXFFLyQ \ ULQGHV GHO FXOWLYR GH IUXWLOOD SHUtRGR )XHQWH6HFUHWDUtDGH$JULFXOWXUDGH7XFXPiQ$xRV6HFFLyQ(FRQRPtD $JUtFROD(($2&HQEDVHDGDWRVGHO,17$\&RQVXOWDDLQIRUPDQWHVFDOLILFDGRV(($2& /RVSURGXFWRUHVGHIUXWLOODGH /XOHV +DVWD HO DxR HQ /XOHVKDEtDPiVGHSURGXF WRUHVGHIUXWLOODDFWXDOPHQWH VHUtDQPHQRV+D\GRVWLSRVGH SURGXFWRUHV ELHQ GLIHUHQFLD GRV3RUXQODGRVHHQFXHQWUDQ SURGXFWRUHVFRQXQSHUILOHP SUHVDULDOGHGLFDGRVH[FOXVLYD PHQWHDOFXOWLYRGHODIUXWLOOD FRQXQDLPSRUWDQWHHVFDODSUR GXFWLYD\TXHFXHQWDQDGHPiV FRQIXHUWHVLQYHUVLRQHVHQWHF QRORJtDVGHSURGXFFLyQSRVW FRVHFKDHLQGXVWULDOL]DFLyQ3RU RWUR ODGR VH HQFXHQWUDQ SH TXHxRVSURGXFWRUHVORFDOHVGH GLFDGRVDODSURGXFFLyQDFDP SRGHKRUWDOL]DVSULPLFLDVHQWUH ODV TXH VH LQFOX\H OD IUXWLOOD 8QDSDUWHGHHVWRVSURGXFWR UHVSHUWHQHFHDODFRPXQLGDG %ROLYLDQD7DEOD /RVSURGXFWRUHVGHIUXWLOODHQ 7DItGHO9DOOH 'XUDQWHORV~OWLPRVDxRV ORVSURGXFWRUHVIUXWLOOHURVUDGL FDGRVHQHOSHGHPRQWHLQWURGX MHURQHOFXOWLYRGHIUXWLOODHQ7DIt GHO9DOOH$OFRPLHQ]RODLQWUR GXFFLyQVHKL]RFRQHOSURSyVLWR GH REWHQHU SODQWLQHV SHUR DO REVHUYDUODSRVLELOLGDGGHDPSOLDU ODWHPSRUDGDGHFRVHFKDODLGHD VHH[WHQGLyDODSURGXFFLyQSDUD IUXWD/DVH[SORWDFLRQHVGHIUXWLOOD HQ 7DIt GHO 9DOOH SHUWHQHFHQ D SURGXFWRUHV FDSLWDOL]DGRV WRPDGRUHVGHWLHUUDHQDUULHQGR TXHHPSOHDQXQQLYHOWHFQROyJLFR PX\DOWR&HUYLxR/DVX SHUILFLHFXOWLYDGDFRPSUHQGHUtD 3XEOLFDFLyQ (VSHFLDO 1 ODLQGXVWULDOiFWHD$SDUWLUGHO DxRWRPyLPSXOVRODLQGXV WULDOL]DFLyQGHIUXWLOODFRPRFRQ JHODGR9DOOHMR 7DEOD 'LVWULEXFLyQ GH VXSHUILFLH SDUD HO FXOWLYR GH IUXWLOOD SRU WDPDxR GH SURGXFWRU )XHQWH(($2&DSDUWLUGHGDWRVGH4XLSLOGRU PiV GH KD FRQ ULHJR SRU PLFURDVSHUVLyQVLODVIUXWLOODVVH HPSOHDQFRPRSODQWLQHV\SRU JRWHRVLVHGHVWLQDQDIUXWD/DV SODQWDFLRQHVHQHOYDOOHVHHVWiQ UHQRYDQGRFDGDGRV\HQDOJXQRV FDVRVFDGDWUHVDxRV/DSODQ WDFLyQSDUDYLYHURVHVHQVHS WLHPEUH \ OD SODQWDFLyQ SDUD IUXWD HQ RFWXEUH /D FRVHFKD GH OD SODQWDFLyQ GHO DxR FR PLHQ]DHQHQHUR\VHH[WLHQGH KDVWDPD\RPLHQWUDVTXHODGHO VHJXQGRDxRSXHGHFRPHQ]DU HQ RFWXEUH R QRYLHPEUH \ HO SHUtRGRHVLJXDOGHH[WHQVR 3XEOLFDFLyQ (VSHFLDO 1 &DQDOHVGHFRPHUFLDOL]DFLyQ GHIUXWLOODHQ7XFXPiQ &XDQGRVHLQLFLDODFRVH FKDHOGHVWLQRGHODIUXWLOODSXHGH VHUODFRPHUFLDOL]DFLyQFRPRIUX WDIUHVFDRHOFRQJHODGR&XDQ GRDYDQ]DODHVWDFLyQGHFRVH FKD HQ RFWXEUH QRYLHPEUH \ GLFLHPEUH OD IUXWD GH PHQRU FDOLGDGIUHFXHQWHPHQWHVHGHV WLQDDODLQGXVWULDSDUDSXOSDV PHUPHODGDV\KHODGHUtD6LHO SURGXFWR REWHQLGR HV IUXWLOOD IUHVFD ORV FDQDOHV GH FRPHUFLDOL]DFLyQ TXH VHJXLUi VRQORVTXHVHREVHUYDQHQOD )LJXUD 6ROR ORV JUDQGHV \ DOJXQRVGHORVPHGLDQRVSUR GXFWRUHV WLHQHQ DFFHVR D ORV PHUFDGRVUHJLRQDOHV\RQDFLR QDOHV D FRQWUDWRV GH HQWUHJD FRQ ODV JUDQGHV FDGHQDV GH VXSHUPHUFDGRV\WUDEDMDQFRQ FRQVLJQDWDULRVHQHO0&%$/RV SHTXHxRV SURGXFWRUHV \ WDP ELpQ DOJXQRV GH ORV PHGLDQRV FRPHUFLDOL]DQHQYHUGXOHUtDVGHO 0HUFRIUXWVREUHWRGRORVSUR GXFWRUHVGHODFRPXQLGDGEROL YLDQD GH /XOHV /RV JUDQGHV SURGXFWRUHVHVWiQYHUWLFDOPHQ WH LQWHJUDGRV FRQJHODQ HOORV PLVPRVVXIUXWD\ODYHQGHQDODV LQGXVWULDVQDFLRQDOHVRH[WUDQ MHUDV)LJXUD (PSUHVDV SURFHVDGRUDV GH IUXWLOODHQ7XFXPiQ 7XFXPiQFXHQWDFRQFLQ FR HPSUHVDV SURGXFWRUDV GH IUXWLOOD FRQJHODGD /DV PiV JUDQGHVHVWiQYHUWLFDOPHQWH LQWHJUDGDVFRQJHODQSDUWHGH VX SURGXFFLyQ HQ EORTXHV WDPELpQFRPR,4)\H[SRUWDQ XQSRUFHQWDMHLPSRUWDQWHGHOD PLVPDSURFHVDGRGHpVWDPDQH UD /DV HPSUHVDV GH PHQRU HQYHUJDGXUDWDPELpQHVWiQLQ WHJUiQGRVH YHUWLFDOPHQWH FRQJHODQ VX SURSLD SURGXF FLyQWDPELpQFRPSUDQIUXWDD WHUFHURVRSURGXFHQHQVRFLH )XHQWH(($2& 3XEOLFDFLyQ (VSHFLDO 1 )LJXUD 3ULQFLSDOHV HWDSDV GH OD FDGHQD GH SURGXFFLyQFRPHUFLDOL]DFLyQ GH IUXWLOOD HQ 7XFXPiQ$UJHQWLQD GDGSHURFRPHUFLDOL]DQPD \RUPHQWHHQHOPHUFDGRLQWHU QR /DV HPSUHVDV WXFXPDQDV KDQDGRSWDGRQRUPDVGHFDOLGDG HVWiQ DXGLWDGDV \ FHUWLILFDGDV FRQ%30+$&&3WDPELpQKDQ HQYLDGRDOH[WHULRUPXHVWUDV GHIUXWDIUHVFD7RGDVHVWDV HPSUHVDVWLHQHQWHFQRORJtD UHODWLYDPHQWHQXHYD /DFDSDFLGDGGHFRQJH ODGR GH 7XFXPiQ VXSHUD ODV W6HGLVWLQJXHHOFDPELR GH HVWUDWHJLD GHO SURGXFWR FRQJHODGRREWHQLGR(QHODxR DSUR[LPDGDPHQWHHO VHSURFHVDEDFRPREORTXH (Q HO DxR HO VH FRQJHOy FRPR ,4) \ HO FRPR EORTXHV (VWR HV UHOH YDQWH\DTXHODWHQGHQFLDGH OD GHPDQGD HV KDFLD HO ,4) 7DEOD (QORVDxRV\HO GHODSURGXFFLyQVHH[SRUWD FRPRFRQJHODGR 3UHFLRV GH OD IUXWLOOD HQ 7XFXPiQ (OSUHFLRSURPHGLRSHUFLEL GRSRUNLORJUDPRGHIUXWLOODIUHVFD SRUORVSURGXFWRUHVIUXWLOOHURVSH TXHxRV\PHGLDQRVHQ/XOHVHVWX YRKDVWDHOHQWUHNJ \NJ&HUYLxR(VWH YDORU HV VHPHMDQWH DO TXH VH SHUFLEtDSRUIUXWLOODSDUDLQGXVWULD SXOSDGXOFHVPHUPHODGDVHWF TXHVXSRQHXQDFDOLGDGLQIHULRU GHIUXWD/RVJUDQGHVSURGXFWR UHVUHFLEtDQXQSUHFLRSURPHGLR DQXDOGHNJ8QDGHODV UD]RQHV GH HVWH GLIHUHQFLDO HV TXHFXHQWDQFRQWHFQRORJtDGH IUtRTXHOHVSHUPLWHDFFHGHUFRQ IUXWDIUHVFD\FRQJHODGDVDPHU FDGRVGHPD\RUHVSUHFLRV 'XUDQWH HO DxR ORV SUHFLRVGHODIUXWLOODGHVWLQDGDD LQGXVWULDIXHURQHVWDEOHVDORODUJR GHODxRHQFDPELRORVTXHWLHQHQ FRPRGHVWLQRHOPHUFDGRIUHVFR WXYLHURQ XQD IXHUWH HVWDFLRQDOLGDG (Q HVWH VHQWLGR ORV SURGXFWRUHV TXH GHVWLQDURQ WRGDVXIUXWDDOPHUFDGRIUHVFR WXYLHURQXQPDUJHQQHJDWLYR7D EOD/D7DEODIXHKHFKDHQ EDVH D GDWRV GHO 0&%$ FDEH VHxDODU TXH ORV SUHFLRV HQ HO PHUFDGRORFDOVRQLQIHULRUHV\ WLHQHQODPLVPDHVWDFLRQDOLGDG 7DEOD )UXWLOOD FRQJHODGD SURGXFLGD HQ 7XFXPiQ GDWRV HVWLPD GRV (Q WRQHODGDV SHUtRGR 3XEOLFDFLyQ (VSHFLDO 1 )XHQWH(($2&HODERUDGRFRQGDWRVLQIRUPDQWHVFDOLILFDGRV6,,$(($2&\HO,1'(& 7DEOD ,QJUHVRV SRU IUXWLOOD YHQGLGD HQ HO 0&%$ \ SDUD FRQJHODGR DxR 3XEOLFDFLyQ (VSHFLDO 1 )XHQWHHODERUDGRFRQGDWRVGH&iWHGUDGH(FRQRPtD)$=817 1RWD3UHFLRQHWRLQGXVWULD 3UHFLRLQGXVWULDIOHWHJHVWLyQFRPHUFLDOGHVSDOLOODGR 3UHFLRQHWR0&%$3UHFLR0&%$FDMDIOHWHDSDFNLQJFXEHWDVVHUYLFLRGHSDFNLQJFRPLVLyQFDUJD\GHVFDUJD )DFWLELOLGDG HFRQyPLFD GHO FRQJHODGR GH IUXWLOOD HQ7XFXPiQ /DSUHVHQFLDGHODLQGXV WULDGHFRQJHODGRSHUPLWHPHMR UDUODUHQWDELOLGDGGHODSURGXF FLyQGHIUXWLOOD7DEOD(Q FRQVLGHUDFLyQFRQHVWRVHUHD OL]yXQDHYDOXDFLyQHFRQyPLFD SDUDHOHVWDEOHFLPLHQWRGHXQD SODQWDGHFRQJHODGRGHIUXWLOOD HQHO'HSDUWDPHQWR/XOHV6H SODQWHyHODFRQGLFLRQDPLHQWR\ ODFRPHUFLDOL]DFLyQGHDSUR[L PDGDPHQWH W GH IUXWLOOD $OUHGHGRUGHWVHFRPHU FLDOL]DUtDQFRPRIUXWDIUHVFDHQ HO0&%$GHMXQLRDDJRVWR$O UHGHGRU GH W GH IUXWLOODV VHUtDQFRQJHODGDVWFRPR ,4)\WHQEORTXHV/DYHQWD VH UHDOL]DUtD GH VHSWLHPEUH D GLFLHPEUH HQ DPERV FDVRV HO GHVWLQR VHUtD &DQDGi ((88 \ %UDVLO/RVVXSXHVWRV\UHVXOWD GRV REWHQLGRV VH VLQWHWL]DQ D FRQWLQXDFLyQ 6HFRQVWUX\yXQIOXMRGHIRQGRV SUR\HFWDGRDDxRV/DWDVDGH GHVFXHQWRHPSOHDGDIXHGHO 6HHPSOHyXQYDORUGyODUGH GyODUSDUDWRGDVODVWUDQVIRU PDFLRQHVGHSHVRVDGyODUHV 3XEOLFDFLyQ (VSHFLDO 1 ,QYHUVLyQ VH FRQVLGHUDURQ FRPRLQYHUVLRQHVHOWHUUHQROD FRQVWUXFFLyQ GHO SDFNLQJ ODV FiPDUDVGHIUtRORVHTXLSRVGH ULHJRYHKtFXORVHOGHVDUUROORGHO SURGXFWR \ FRPSXWDGRUDV 6H HVWLPyXQDLQYHUVLyQGHDSUR[L PDGDPHQWH XV (O FDSLWDOGHWUDEDMRHVWLPDGRIXH GHFDVLXV ,QJUHVRVVHFDOFXODURQDGRS WDQGRXQSUHFLRSDUDIUXWDIUHVFD GHXVNJFRUUHVSRQGLHQWH DOSURPHGLRGHODxR SDUDORVPHVHVGHMXOLR\DJRVWR HQHO0&%$(OSUHFLRGHFRQJH ODGRIXHXVNJHTXLYDOHQ WHDOSURPHGLR)2%%V$VGHOD VHULH GH OD IUXWLOOD FRQJHODGDGHH[SRUWDFLyQ&DEH DFODUDUTXHDOQRFRQWDUFRQXQD VHULH GH SUHFLRV SDUD IUXWLOOD FRQJHODGD FRPR ,4) \ FRPR EORTXHVHDVLJQyHOPLVPRYDORU DDPERV /RVFRVWRVGLUHFWRVLQFOX\H URQ ORV JDVWRV HQ FRPSUD GH PDWHULDSULPDSURFHVDPLHQWRGH ODIUXWDPDQRGHREUDHPEDODMH IUtR HWF DGPLQLVWUDFLyQ \ FRPHUFLDOL]DFLyQ\VXPDQDOUH GHGRUGHXVDQXDOHV ,PSXHVWRVVHFRQVLGHUyHO GHLPSXHVWRDODVJDQDQFLDV 1RVHWXYRHQFXHQWDHO,9$ $PRUWL]DFLRQHVODVREUDVGH LQIUDHVWUXFWXUDVHDPRUWL]DURQD DxRVPLHQWUDVTXHORVHTXL SRV\PDTXLQDULDVDDxRV\ ORVYHKtFXORVDxRV 5HVXOWDGRV %DMRORVVXSXHVWRVHVWDEOHFLGRVHOSUR\HFWRHVHFRQyPL FDPHQWHYLDEOHWLHQHXQD7DVD,QWHUQDGH5HWRUQR7,5 GHO\XQ9DORU$FWXDO1HWR9$1GHXV (VWRLPSOLFDTXHHOSUR\HFWRHVFDSD]GHSDJDUODLQYHU VLyQUHDOL]DGDFRQXQDWDVDGHGHVFXHQWRGHO\ JDQDUXVPiV $QiOLVLVGHVHQVLELOLGDGHO9$1VHYXHOYHDQWHODV VLJXLHQWHVVLWXDFLRQHV 8QLQFUHPHQWRGHOSUHFLRGHODPDWHULDSULPDGHO 8QDFDtGDGHOSUHFLRGHODIUXWDFRQJHODGDGHO 8QDGLVPLQXFLyQGHOSUHFLRGHODIUXWLOODIUHVFDGH XQ 8QLQFUHPHQWRGHORVFRVWRVDQXDOHVGHO 8QLQFUHPHQWRGHODLQYHUVLyQGHO 6LWRGDODIUXWDVHGHVWLQDDFRQJHODGRHOSUR\HFWRSRUHO PRPHQWRHVPiVUHQWDEOHHO9$1VHUtDGHXV\ OD7,5GHO 3XEOLFDFLyQ (VSHFLDO 1 &XDQGRVHILQDQFLDWRGDODLQYHUVLyQLQLFLDOFRQXQSUpVWD PRFRQGRVDxRVGHJUDFLD\XQDWDVDGHLQWHUpVDQXDOGHO VHFRQVLGHUDTXHODHPSUHVDFXHQWDFRQHOFDSLWDO GHWUDEDMRQHFHVDULRHO9$1GHOSUR\HFWRHVGH XV\OD7,5GHOSDUDHOFiOFXORGHORVLQWHUHVHV\ DPRUWL]DFLyQVHHPSOHyHOVLVWHPD)UDQFpV &RQFOXVLRQHV 3XEOLFDFLyQ (VSHFLDO 1 /DIRUPDFLyQGHXQFRP SOHMR SURGXFWLYR R FOXVWHU \ VX JUDGRGHPDGXUH]VHH[SOLFDD WUDYpVGHODGLYHUVLGDGHLQWHQVL GDGGHODVUHODFLRQHVIXQFLRQDOHV HQWUH HPSUHVDV FRPSHWHQFLD HQWUHHPSUHVDVGHODPLVPDDF WLYLGDG ODV UHODFLRQHV FRQ VXV SURYHHGRUHVFRQDFWLYLGDGHVGH DSR\R FRQ SURGXFWRUHV GH LQVXPRVFRPSOHPHQWDULRVFRQ SURYHHGRUHVGHLQVXPRV\IDFWR UHVHVSHFLDOL]DGRV/RVFRPSOH MRVSURGXFWLYRVVHGDQWDQWRHQ WRUQR D ORV UHFXUVRV QDWXUDOHV FRPRDODVDFWLYLGDGHVEDVDGDV HQ HO DSUHQGL]DMH \ HO FRQRFL PLHQWR3RUWHU'HQWURGHO VHFWRU GH ORV DJURQHJRFLRV XQ HMHPSORH[LWRVRFOiVLFRHVHOFRP SOHMRGLYHUVLILFDGRGH&DOLIRUQLD (VWHVHHQFXHQWUDHQXQDUHJLyQ TXHHVOtGHUPXQGLDOHQSURGXF WLYLGDGDJUtFRODWHFQRORJtDGH SURFHVDPLHQWRFRPHUFLDOL]DFLyQ \ GLVWULEXFLyQ FDOLGDG H LQRFXLGDGGHDOLPHQWRV\JHV WLyQDPELHQWDO2WURHMHPSORH[L WRVR HV HO FRPSOHMR GH DJURQHJRFLRV GH &RVWD 5LFD DTXtODIRUPDFLyQGHOFOXVWHUVH EDVDHQODVYHQWDMDVLQKHUHQWHV DOFRVWR\FDOLGDGGHORVUHFXU VRVQDWXUDOHV\DODVFRQGLFLR QHVFOLPiWLFDV&KDYDUUtDHWDO (O FRPSOHMR IUXWLOOHUR WXFXPDQRWDOYH]VHHQFXHQWUH PiVFHUFDGHOGH&RVWD5LFDSHUR QRKD\TXHGHVFDUWDUODSRVLELOL GDGGHWUDQVIRUPDVHHQXQDSH TXHxtVLPD&DOLIRUQLD6LQHPEDU JRGHQWURGHODVSULQFLSDOHVGH ELOLGDGHV GHO FRPSOHMR VH HQ FXHQWUD HO SREUH GHVDUUROOR GH IDFWRUHVFUHDGRV\DTXHVHUH TXLHUHQ IXHUWHV WUDQVIRUPDFLR QHV SDUD JHQHUDU FDSLWDO VR FLDODOWRVHVWiQGDUHVGHGHV HPSHxRXQFOLPDGHQHJRFLRVGH DOWDULYDOLGDGOLJDGRDOGHVDUUROOR GHLQYHVWLJDFLyQFDSDFLWDFLyQ\ HILFLHQFLD /D IDOWD GH IDFWRUHV FUHDGRV R HVWUDWpJLFRV SXHGH REVHUYDUVHSRUHMHPSORHQ ā/DDXVHQFLDGHXQQ~PHURLP SRUWDQWH GH $VRFLDFLRQHV TXH UHSUHVHQWHQ ORV LQWHUHVHV GHO 6HFWRU ā(VFDVDLQWHUUHODFLyQFRPXQL FDFLyQ \ FRRUGLQDFLyQ HQWUH HPSUHVDVRUJDQL]DFLRQHV\*R ELHUQR ā)DOWDGHLQWHUUHODFLRQHV\FRRU GLQDFLyQ HQ OD FDSDFLWDFLyQ \ IRUPDFLyQGHUHFXUVRVKXPDQRV LQYHVWLJDFLRQHV\GHVDUUROORGH WHFQRORJtDV $XQTXH KD\ XQ Q~PHUR UHVFDWDEOH GH OtQHDV \ SUR\HFWRV GH LQYHVWLJDFLyQ VR EUH IUXWLOOD VH REVHUYD SRFD LQWHUUHODFLyQHQWUHODVLQVWLWXFLR QHV \ HQWUH ODV HPSUHVDV H LQVWLWXFLRQHV ā1RKD\OtQHDVGHLQYHVWLJDFLyQ \GHVDUUROORORFDOGHWHFQRORJtD GHIUtRDOPDFHQDPLHQWR\SUR FHVDPLHQWRWDPSRFRGHUHFXU VRVKXPDQRVFDSDFLWDGRVHQHO WHPD ā+D\HVFDVDIRUPDFLyQORFDOGH UHFXUVRVKXPDQRVHVSHFLDOL]DGRV HQWHPDVFRPRWUD]DELOLGDG\QRU PDVGHFDOLGDG ā1RKD\PXFKDGLVSRQLELOLGDGGH LQIRUPDFLyQGHSURGXFFLyQSUH FLRVPHUFDGRVRYRO~PHQHV ā/RVIDFWRUHVRLQVXPRVHPSOHD GRV HQ OD SURGXFFLyQ SULPDULD FRPRWHFQRORJtDGHLUULJDFLyQ SURGXFWRV ILWRVDQLWDULRV HTXL SRV GH DSOLFDFLyQ \ ORV TXH &DSLWDO VRFLDO FDQWLGDG \ FDOLGDG GH UHODFLRQHV VRFLDOHV TXH IDFLOLWDQ XQD VRFLHGDG IXHUWH FDSD] GH DXWRVXVWHQWDUVH (O FDSLWDO VRFLDO HV HO KRPEUH SXHVWR DO VHUYLFLR GH ODV LQWHUUHODFLRQHVHQVHQWLGRDPSOLRHVHOSRWHQFLDOGHXQJUXSRXQDFRPXQLGDGXQDVRFLHGDG GH FUHDU YLVLRQHV FRPSDUWLGDV FRQVWUXLU PLVLRQHV FROHFWLYDV \ OOHYDU DGHODQWH PHWDV FRPXQHV´ FRQJHODGR/DVIUXWDVILQDVHQ WUHODVTXHVHLQFOX\HDODIUXWLOOD FRQVWLWX\HQXQRGHORVJUXSRVGH SURGXFWRVPiVGLQiPLFRVGHOFR PHUFLRDOLPHQWDULRGHOD~OWLPD GpFDGD 9RQ %HUQDUG \ 2EVFKDWNR(QWUHORVIDF WRUHV LQWHUQDFLRQDOHV TXH HVWL PXODQHOGHVDUUROORGHODVH[SRU WDFLRQHVVHREVHUYDQFDPELRV HQORVKiELWRVGHORVFRQVXPLGR UHVGHORVSDtVHVFRQDOWRVLQJUH VRV EXVFDQGR SURGXFWRV GLIH UHQFLDGRV GH PD\RU FDOLGDG YDULHGDG \ VRILVWLFDFLyQ &DEH VHxDODUTXHODGHPDQGDGHWRGRV ORVEHUULHVHVWDFUHFLHQGR\OD IUXWLOODHVHOEHUU\GHPD\RUFRQ VXPR\SURGXFFLyQDQLYHOPXQ GLDO\HOGHPHQRUSUHFLR 2WUD RSRUWXQLGDG HV OD SXHVWDHQPDUFKDGHO3URJUDPD GH ULHJR GHQWUR GHO PDUFR GHO 3526$3SUR\HFWRDSUREDGRSRU HO%,'(VWHSUR\HFWRSXHGHSUR YHHUGHOUHFXUVRILQDQFLHURSDUD REUDVGHLQIUDHVWUXFWXUDGHULHJR \SULQFLSDOPHQWHSDUDFDSDFLWD FLyQ GH SURGXFWRUHV WDQWR HQ WpFQLFDVGHSURGXFFLyQFRPRGH FRPHUFLDOL]DFLyQ 6HUtD LPSRUWDQWH SDUD HO FUHFLPLHQWRGHOVHFWRUHOIRUWD OHFLPLHQWRGHOVHJPHQWRGHSH TXHxRVSURGXFWRUHVHVWLPXODQ GRODDVRFLDFLyQYHUWLFDO\KRUL ]RQWDO GH ORV PLVPRV 'H HVWD PDQHUDVHUHGXFLUtDHOQ~PHURGH LQWHUPHGLDULRV HQ OD FRPHUFLDOL]DFLyQ/DLQWHJUDFLyQ YHUWLFDOIDYRUHFHUtDSRUHMHPSOR ODSURGXFFLyQGHFRQJHODGRVGHV WLQDGRVDODH[SRUWDFLyQ'HRWUD IRUPDHVWHVHJPHQWRSUREDEOH PHQWH GHVDSDUHFHUi GHELGR DO EDMR SUHFLR GH OD IUXWLOOD HQ HO PHUFDGRLQWHUQR\DOLPSRUWDQWH FRPSRQHQWHGHLQVXPRVLPSRUWD GRVTXHUHTXLHUHODSURGXFFLyQGH HVWD IUXWD 3XEOLFDFLyQ (VSHFLDO 1 KDFHQDODLQGXVWULDHTXLSRVGH HPSDTXHHTXLSRVGHFRQJHOD GR SDFNDJLQJ GH IUXWD IUHVFD HQYDVHVGHFRQJHODGRORJtVWLFD SDUDSURGXFWRVQRVHRULJLQDQ RIDEULFDQHQODSURYLQFLD(VWD HVXQiUHDHQODTXHHVQHFHVDULR UHDOL]DUHYDOXDFLRQHVVREUHSR WHQFLDOHVLQYHUVLRQHV /RVLWHPVDQWHVPHQFLRQD GRV VH XELFDQ GHQWUR GH ODV SULQFLSDOHVGHELOLGDGHVGHOFRP SOHMR (QWUH ODV DPHQD]DV PiV LPSRUWDQWHVHVWiODLQVHJXULGDG MXUtGLFD\ODIDOWDGHSODQHDPLHQWR GH ODUJR SOD]R \ GH SROtWLFDV PDFUR\PLFURHFRQyPLFDVHQHO SDtV6HVXPDODIDOWDGHSROtWLFDV S~EOLFDVSHUWLQHQWHVSDUDHOGH VDUUROORGHOVHFWRUHQODSURYLQ FLD /D SRVLELOLGDG GH TXH ORV SURGXFWRUHVQRSXHGDQDVRFLDU VHH[LWRVDPHQWH\ODLQH[LVWHQFLD GH SROtWLFDV TXH OOHYHQ DO DVRFLDWLYLVPR /DVIRUWDOH]DVVHEDVDQ H Q TXH ODV FRQGLFLRQHV DJURFOLPiWLFDVGH/XOHVSHUPLWHQ REWHQHUIUXWDGHPHMRUFDOLGDG TXH HQ HO OLWRUDO \ RWUDV ]RQDV SURGXFWRUDV GHO SDtV $GHPiV /XOHV \ 7XFXPiQ FXHQWDQ FRQ UHFXUVRVKXPDQRVWpFQLFRVHLQ YHVWLJDGRUHV\QXPHURVRVFHQWURV GHLQYHVWLJDFLyQGHVDUUROODQGROt QHDVGHWUDEDMRHQHOWHPD7DP ELpQKD\HPSUHVDVFRQp[LWRTXH WLHQHQWRGRXQNQRZKRZ\FRQV WDQWHPHQWHHVWiQDEULHQGRPHUFD GRV /DV RSRUWXQLGDGHV HVWiQ YLQFXODGDVDOFUHFLPLHQWRGHOD GHPDQGDGHODIUXWDFRQJHODGD HQORVSDtVHVDGRQGHVHSLHQVD H[SRUWDUHQHOWLSRGHFDPELR TXHIDYRUHFHODH[SRUWDFLyQ\HO GHVDUUROORPiVOHQWRHQODVRWUDV ]RQDVGHOSDtVGHODLQGXVWULDGH $QiOLVLV)2'$ )257$/(=$6 6XHORV\FOLPDVDGHFXDGRV 3URGXFFLyQWRGRHODxR 3URGXFWRUHVFRQDPSOLDH[ SHULHQFLDHQODSURGXFFLyQGH IUXWLOOD\RWUDVKRUWDOL]DV 3UHVHQFLD GH LQVWLWXWRV GH FDSDFLWDFLyQFRPRHO,17$GH LQYHVWLJDFLyQFRPROD(($2& ,16,%,2 0DQRGHREUDFRQH[SHULHQ FLDSDUDWUDEDMDUHQHOFXOWLYR 7pFQLFRVHVSHFLDOL]DGRVHQ SURGXFFLyQGHIUXWLOOD 3XEOLFDFLyQ (VSHFLDO 1 2325781,'$'(6 0HUFDGRGHIUXWDV\KRUWDOL]DV FRQJHODGDVHQFUHFLPLHQWR 7LSR GH FDPELR IDYRUDEOH SDUDODH[SRUWDFLyQ ([LVWHQHPSUHVDVFRQH[SH ULHQFLDLQVWDODGDVHQOD]RQD ,QWHUpV GHO JRELHUQR SUR YLQFLDOHQODSURPRFLyQGHOD DFWLYLGDG &XOWLYRHLQGXVWULDFRQDOWRV UHTXHULPLHQWRVGHPDQRGH REUD 3UR\HFWRGH5LHJR3526$3 '(%,/,'$'(6 1RH[LVWHFRQFLHQFLDGHOD VLQHUJLDTXHSURYRFDHOWUD EDMRHQUHGHVHQWUHORVRUJD QLVPRV GH FDSDFLWDFLyQH[ WHQVLyQLQYHVWLJDFLyQHVWDWD OHV,17$817(($2&6($* 7XFHWF 'HILFLHQWH LQIUDHVWUXFWXUD JHUHQFLDO \ FDSDFLWDFLyQ GH UHFXUVRVKXPDQRV )DOWDGHH[SHULHQFLDHQOD FRPHUFLDOL]DFLyQ GH IUXWD IUHVFD\FRQJHODGDHQORVSH TXHxRVSURGXFWRUHV $0(1$=$6 9DULDELOLGDGHQODVIRUPDV GHSURGXFLUHQSHTXHxDVH[ SORWDFLRQHV )DOWDGHFXOWXUDDVRFLDWLYD ,QFUHPHQWRGHDUDQFHOHV\ EDUUHUDV SDUD DUDQFHOiULDV HQ SDtVHV LPSRUWDGRUHV GH IUXWLOODIUHVFD\FRQJHODGDV 3URKLELFLyQ GHO XVR GHO %URPXURGH0HWLOR %LEOLRJUDItDFLWDGD &KDYDUUtD+35RMDV65R PHUR \ 6 6HS~OYHGD /RVFRPSOHMRVSUR GXFWLYRV GH OD WHRUtD D OD SUiFWLFD&XDGHUQR7pFQLFR 1 ,,&$ 6DQ -RVp GH &RVWD5LFD .LUVFKEDXP'*HVWLyQ WHFQROyJLFD \ HPSUHVDULDO GHVLVWHPDVVXVWHQWDEOHVGH SURGXFFLyQGHKRUWDOL]DV\ IUXWDVILQDVHQHOGHSDUWD PHQWR/XOHV7XFXPiQ .LUVFKEDXP'\-+DQFRFN 7KHVWUDZEHUU\,Q GXVWU\LQ6RXWK$PHULFD +RUW 6FLHQFH $PHULFDQ 6RFLHW\ )RU +RUWLFXOWXUDO 6FLHQFH 0DUWtQH]1RYLOOR-0'LYL]LD GH5LFFL$$UUR\R\(= %UDQGiQ(YDOXDFLyQ GHPDUJHQEUXWRHQSURGXF FLyQGHIUXWLOOD;;,,&RQJUH VR$UJHQWLQRGH+RUWLFXOWX UD6DQ0LJXHOGH7XFXPiQ 3RUWHU0&OXVWHUVDQG WKH QHZ HFRQRPLFV RI FRPSHWLWLRQHQ+DUYDUG%X VLQHVV5HYLHZ86$ 4XLSLOGRU/$%yUTXH]\$ /HLYD 'LDJQyVWLFR 3URGXFWLYR GH OD ]RQD GH /XOHV7XFXPiQ,17$(($± )DPDLOOi7XFXPiQ 5RD5,QIRUPH&),IUXWLOOD &RQVHMR )HGHUDO GH ,QYHUVLRQHVKWWS ZZZFILUHGRUJDU 6FDJOLD06LWXDFLyQDF WXDOGHOFXOWLYRGHODIUXWLOOD HQ$UJHQWLQD,QVWLWXWR1D FLRQDO GH 7HFQRORJtD $JURSHFXDULD$(56DQWD)p ,QIRUPHSS 7RUFKHOOL - \ $ )HUUH\UD 3URGXFFLyQGHIUXWLOOD 6HFUHWDUtD GH $JULFXOWXUD *DQDGHUtD\3HVFD,QVWLWX WR 1DFLRQDO GH 7HFQRORJtD $JURSHFXDULD 3UR\HFWR GH GLYHUVLILFDFLyQ SURGXFWLYD SS 9DOOHMR//D*DFHWD GHVHSWLHPEUH7XFXPiQ 9RQ%HUQDUG7\(2EVFKDWNR (VWXGLRV$JURDOLPHQWDULRV &RPSRQHQWH$IRUWDOH]DV\GH ELOLGDGHV GHO VHFWRU DJURDOLPHQWDULR'RFXPHQWR )UXWDVILQDV,,&$SS 3XEOLFDFLyQ (VSHFLDO 1 &HUYLxR0$QiOLVLVSDUD XQDSURSXHVWDGHGHVDUUROOR FRPHUFLDODOVHFWRUDJUtFROD GHO9DOOHGH7DIt7HVLVSUH VHQWDGD8QLYHUVLGDG&DWyOL FDGH9DOSDUDtVRSS