Argentina: Exports post new record high
September 23, 2011
In August, exports rose 29.6% over the same month last year, which was above the 22.3% expansion in July and marked the 17th consecutive month of double-digit growth. The August print confirmed the strength of the external sector. In August, the moving 3-month sum of exports reached USD 23.5 billion, which was above the USD 23.3 billion recorded in the previous month and marked a record high. A month-on-month comparison corroborated the positive annual result, as exports expanded 6.9% on a seasonally adjusted basis, which contrasted the 2.7% drop recorded in July. Meanwhile, imports grew 42.9% annually in August, up from the 29.7% expansion registered in July. As imports outpaced exports, the trade surplus narrowed from USD 672 million in July to USD 639 million in August, marking the lowest surplus since February.
Author: Armando Ciccarelli, Head of Data Solutions