Argentina Trade Balance October 2021

Argentina

Argentina: Merchandise exports continue to grow strongly in October

November 24, 2021

Merchandise exports increased 46.5% over the same month last year in October, following September’s 60.1% jump. The print again reflected a low base effect and was driven by skyrocketing foreign sales of energy and primary products as well as by strong expansions in exports of industrial and agricultural goods. In terms of export markets, October’s print mainly resulted from surging overseas shipments to Brazil, Chile, China, India, the Netherlands, South Korea and the U.S. Meanwhile, merchandise imports climbed 31.0% in annual terms in October (September: +42.6% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.6 billion surplus in October (September 2021: USD 1.7 billion surplus; September 2020: USD 0.7 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 14.0 billion surplus in October, compared to the USD 13.0 billion surplus in September.

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to increase 0.1% in 2022 and merchandise imports to expand 3.8%, pushing the trade balance to a USD 12.2 billion surplus. For 2023, the panel expects merchandise exports to increase 4.4% and merchandise imports to grow 7.2%, with a trade surplus of USD 11.1 billion.


Author: Massimo Bassetti, Senior Economist

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Argentina Trade Balance Chart


Argentina Trade12m October 2021

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.


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