Argentina: Merchandise exports accelerate in August
Merchandise exports soared 63.3% over the same month last year in August, following July’s 47.1% upturn. August’s result marked the strongest growth since January 2008. The print reflected a low base effect and was driven by skyrocketing foreign sales of energy, industrial and agricultural goods as well as by a strong expansion in exports of primary products. In terms of export markets, May’s print mainly resulted from surging overseas shipments to Brazil, Chile, China, India and the U.S. Meanwhile, merchandise imports climbed 64.0% in annual terms in August (July: +65.6% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 2.3 billion surplus in August (July 2021: USD 1.5 billion surplus; August 2020: USD 1.4 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 11.9 billion surplus in August, compared to the USD 11.0 billion surplus in July.