Argentina Trade Balance August 2021

Argentina

Argentina: Merchandise exports accelerate in August

September 29, 2021

Merchandise exports soared 63.3% over the same month last year in August, following July’s 47.1% upturn. August’s result marked the strongest growth since January 2008. The print reflected a low base effect and was driven by skyrocketing foreign sales of energy, industrial and agricultural goods as well as by a strong expansion in exports of primary products. In terms of export markets, May’s print mainly resulted from surging overseas shipments to Brazil, Chile, China, India and the U.S. Meanwhile, merchandise imports climbed 64.0% in annual terms in August (July: +65.6% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 2.3 billion surplus in August (July 2021: USD 1.5 billion surplus; August 2020: USD 1.4 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 11.9 billion surplus in August, compared to the USD 11.0 billion surplus in July.

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to increase 7.6% in 2021 and merchandise imports to expand 13.3%, pushing the trade balance to a USD 16.5 billion surplus. For 2022, the panel expects merchandise exports to increase 4.3% and merchandise imports to grow 7.1%, with a trade surplus of USD 16.0 billion.


Author: Massimo Bassetti, Senior Economist

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Argentina Trade Balance Chart


Argentina Trade12m August 2021

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.


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