Argentina: Exports contract for second consecutive month
June 21, 2012
In May, exports contracted 6.5% over the same month last year, mirroring the result seen in April and marking a second consecutive contraction. A month-on-month comparison, however, does not corroborate the bleak picture suggested by the annual figures, as exports increased 2.6% on a seasonally adjusted basis, contrasting April's 6.5% drop and marking the first positive reading so far this year. Imports, meanwhile, fell 5.2% annually in May, which was up from April's 14.1% decrease and marked a fourth consecutive month of contracting imports. The figure reflects the lasting impact of government measures aimed at curbing import growth. Finally, the trade surplus narrowed to USD 1.5 billion in May, which was down from the USD 1.7 billion recorded in the same month last year.
Author: Armando Ciccarelli, Head of Data Solutions