Argentina Trade Balance April 2022


Argentina: Merchandise exports accelerate in April

May 20, 2022

Merchandise exports rose 35.6% over the same month last year in April (March: +28.6% year-on-year). The print was driven by skyrocketing foreign sales of industrial goods and energy as well as by strong expansions in exports of primary products and of agricultural products. In terms of export markets, April’s print mainly resulted from surging overseas shipments to Brazil, Chile, Germany, the Netherlands and the U.S. Meanwhile, merchandise imports shot up 47.3% in annual terms in April (March: +33.1% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 1.4 billion surplus in April (March 2022: USD 0.3 billion surplus; April 2021: USD 1.5 billion surplus). Lastly, the trend was stable, with the 12-month trailing merchandise trade balance recording a USD 13.6 billion surplus in April, compared to the USD 13.6 billion surplus in March.

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to increase 0.1% in 2022 and merchandise imports to expand 3.8%, pushing the trade balance to a USD 12.2 billion surplus. For 2023, the panel expects merchandise exports to increase 4.4% and merchandise imports to grow 7.2%, with a trade surplus of USD 11.1 billion.

Author: Massimo Bassetti, Senior Economist

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