Argentina Trade Balance May 2020

Argentina

Argentina: Exports continue to plunge amid coronavirus crisis

June 26, 2020

Exports tumbled 16.3% in year-on-year terms in May, following April’s sharper 18.9% dive. The print was the result of plummeting exports of manufactured products of industrial origin and of fuels and energy, which more than offset a healthy increase in foreign sales of primary products. In terms of export markets, May’s print mainly resulted from tumbling overseas shipments to Brazil and the U.S. outweighing soaring exports to China and India.

Imports nosedived 31.8% annually in May, a more pronounced contraction than April’s 30.1% slump. Free-falling imports of passenger motor vehicles, fuels and lubricants, and capital goods drove May’s downturn.

Consequently, the trade surplus in May widened from April’s USD 1.4 billion to 1.9 billion (May 2019: USD 1.4 billion surplus). Moreover, the 12-month rolling trade balance rose from April’s USD 17.5 billion surplus to a 18.0 billion surplus in May, marking the highest result in the series’ history (May 2019: USD 5.4 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 May 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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