MercadoLibre, Latin America’s leading e-commerce platform, reported significant growth in sales during August, with 20 million products sold, reaching a value of $916 million. The company observed a shift in consumer behavior from purchasing essential goods to purchasing non-essential items such as electronic devices, including computers, tablets and mobile phones, following an initial trend focused on essential products at the beginning of the year.
The tech giant also saw a significant increase in its lending business, with its credit portfolio expanding 69% year-on-year in September. This growth is due to the growing demand for credit by consumers, sellers and small businesses. Additionally, payments made through MercadoLibre’s QR code system in physical stores increased 68% compared to last year, driven by promotions and interest-free installment payment plans.
MercadoLibre highlighted signs of economic recovery in Argentina, even though the country is in its sixth recession in a decade. Key indicators such as property listings and vehicle searches suggest that consumers are beginning to adapt to President Javier Milei’s economic reforms aimed at reducing inflation and ending budget deficits. Monthly inflation has slowed to 4%, down from nearly 26% when Milei took office in December.
Although Argentina continues to face economic turbulence, MercadoLibre continues to prosper, with operations focused primarily in Brazil. The company’s performance underlines its resilience in the face of regional challenges.
