Argentina: Exports contracts for third consecutive month
November 22, 2012
In October, exports contracted 7.6% over the same month last year, marking the third consecutive monthly fall. The contraction, nonetheless, represents an improvement over the 12.4% drop tallied in September. As a result of the monthly reading, in the 12 months up to October, exports declined 1.0% over the same period the previous year (September: +1.6% year-on-year). Imports, meanwhile, rose 0.1% annually in October, which contrasted September's 14.3% decrease. The result marked the first increase in imports following eight consecutive month of contraction, on the back of government measures aimed at curbing import growth. Despite the monthly rise, the moving 12-month sum of imports dropped 4.5% in annual terms (September: -2.7% yoy). The trade balance registered a surplus of USD 585 million in October, which prompted the 12-month moving sum of the trade balance to fall from a USD 82.2 billion surplus in September to a USD 81.7 billion surplus.
Author: Armando Ciccarelli, Head of Data Solutions