Argentina Trade Balance June 2020


Argentina: Exports continue to fall amid coronavirus crisis in June

July 28, 2020

Exports fell 8.6% in year-on-year terms in June, following May’s sharper 16.3% dive. The print was again the result of plummeting exports of manufactured products of industrial origin and of fuels and energy, which more than offset a surge in foreign sales of primary products. In terms of export markets, June’s print mainly resulted from tumbling overseas shipments to Brazil, Chile and India outweighing soaring exports to the U.S. and China.

Imports slumped 20.8% annually in June, a less pronounced contraction than May’s 31.8% dive. Free-falling imports of passenger motor vehicles, fuels and lubricants, and capital goods drove June’s downturn.

Meanwhile, the trade surplus in June shrank from May’s USD 1.9 billion to 1.5 billion (June 2019: USD 1.1 billion surplus). Moreover, the 12-month rolling trade balance rose from May’s USD 18.0 billion surplus to a 18.5 billion surplus in June, marking the highest result in the series’ history (June 2019: USD 6.8 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, Senior Economist

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Argentina Trade Balance Chart

Argentina Trade12m June 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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