Argentina Trade Balance April 2020

Argentina

Argentina: Coronavirus blow to exports sharpens in April

May 28, 2020

Exports nosedived 18.9% in year-on-year terms in April, following March’s marked 15.9% slump. The print was the result of plummeting exports of manufactured products of industrial origin and of fuels and energy, which more than counterbalanced a healthy increase in foreign sales of primary products. In terms of export markets, April’s print mainly resulted from tumbling overseas shipments to Brazil, the U.S. and Paraguay largely outweighing soaring exports to China and India.

Imports stumbled 30.1% annually in April, a more pronounced contraction than March’s 19.7% fall. Diving imports of passenger motor vehicles, fuels and lubricants and capital goods drove March’s downturn.

Consequently, the trade balance surplus in April widened from March’s USD 1.1 billion to 1.4 billion (April 2019: USD 1.2 billion surplus). Moreover, the 12-month rolling trade balance rose from March’s USD 17.3 billion surplus to a 17.5 billion surplus in April, marking the highest result in nearly 11 years (April 2019: USD 2.7 billion surplus).

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to drop 10.7% in 2020 and merchandise imports to decrease 15.8%, pushing the trade balance to a USD 16.8 billion surplus. For 2021, the panel expects merchandise exports to increase 5.9% and merchandise imports to rebound 14.7%, with a trade surplus of USD 14.2 billion.


Author: Massimo Bassetti, Economist

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Argentina Trade12m April 20 20

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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