Argentina: Exports post record high
August 23, 2011
In July, exports rose 22.3% over the same month the year before, which was below the 24.4% expansion observed in June but nonetheless marked the 16th consecutive month of double-digit growth. The July reading confirmed the strength of the external sector. In July, the moving 3-month sum of exports reached USD 23.3 billion, which was above the USD 23.0 recorded in the previous month and in fact marked a new record high. However, a month-on-month comparison does not corroborate the positive annual result, as exports contracted 2.6% on a seasonally-adjusted basis, which contrasted the 2.8% increase recorded in June. Meanwhile, imports grew 29.7% annually in July, down from the 36.5% expansion registered in June. As imports outpaced exports, the trade surplus narrowed from USD 1.0 billion in June to USD 0.7 billion in July.
Author: Armando Ciccarelli, Head of Data Solutions