Argentina: Exports contract the most in almost three years
October 23, 2012
In September, exports dropped 12.4% over the same month last year, which was down from the 5.5% contraction seen in August and marked the fifth contraction in the last six months. In addition, the reading marked the largest drop in exports since October 2009. A month-on-month comparison corroborates the deterioration suggested by the annual figures, as exports fell a seasonally adjusted 7.0%, which was down from the 0.4% decrease recorded in August, and marks the largest monthly contraction since February 2010. Imports, meanwhile, dropped 14.3% annually in September, which was up from August's 17.0% decrease but marked, nonetheless, the eighth consecutive month of contracting imports. The figure reflects the lasting impact of government measures aimed at curbing import growth. Finally, the trade balance recorded a surplus of USD 900 million in September, in line with the surplus seen in the same month last year.