Argentina: Exports fall in December
January 23, 2014
In December, exports contracted 13.5% over the same month of the previous year and fell to USD 5.4 billion. The reading followed the 0.7% contraction recorded in the same month of 2012 and represented the largest contraction in over four years. A month-on-month comparison corroborates the negative picture reported in the annual figures. Exports plunged 16.8% on a seasonally-adjusted basis in December. The result contrasted the 2.6% increase recorded in November and marked the largest monthly drop in more than 15 years.
Imports dropped 5.2% annually in December (December 2012: -8.8% year-on-year). As a result of the plunge in exports, the trade surplus narrowed to USD 272 million, which was almost four times less than the USD 835 million recorded in December 2012. In the full year 2013, the country recorded a USD 9.0 billion surplus, marking the lowest surplus since 2001. The dismal performance largely reflects the widening of the country's energy deficit - the difference between the country's energy exports and imports. The energy deficit rose from USD 2.7 billion in 2012 to USD 6.2 billion in 2013, which was the third consecutive year in which Argentina was a net importer of energy.
LatinFocus Consensus Forecast panelists expect that exports will expand 1.6% in 2014, pushing them to USD 85.5 billion. For 2015, the panel expects exports to grow 2.8%.
Author: Armando Ciccarelli, Head of Data Solutions