Argentina: Exports expand at strongest pace in more than a year
May 22, 2013
In April, exports expanded 12.7% over the same month last year, which contrasted the 3.7% fall tallied in March and marked the largest rise since December 2011. The improvement reflects stronger soy and corn exports, as production of the two commodities rebounded this year after a drought negatively affected harvests in 2012.
As a result, in the 12 months up to April, exports declined 3.8% over the corresponding period last year, which, nevertheless, marks an improvement compared to the 5.3% drop recorded in March.
Meanwhile, imports rose a whopping 32.0% in April (March: +5.0% year-on-year), which represents the largest increase since August 2011. As a result, in the 12 months up to April, imports stepped up to a 3.7% contraction, up from the 6.8% drop seen in the 12 months up March.
Finally, the trade balance registered a surplus of USD 1.2 billion in April, which drove the 12-month moving sum of the trade balance to USD 10.5 billion, down from USD 11.2 billion in March.
LatinFocus Consensus Forecast panellists expect that exports will expand 9.0% in 2013, pushing them to a record of USD 88.5 billion. For 2014, the panel expects exports to grow 3.7%.
Author: Armando Ciccarelli, Head of Data Solutions