Argentina Trade Balance November 2021


Argentina: Merchandise exports continue to grow strongly in November

January 3, 2022

Merchandise exports increased 37.0% over the same month last year in November, following October’s 46.8% jump. The print again reflected a low base effect and was driven by skyrocketing foreign sales of energy and primary products as well as by strong expansions in exports of industrial and agricultural goods. In terms of export markets, November’s print mainly resulted from surging overseas shipments to Brazil, Chile, India, Paraguay and the U.S. Meanwhile, merchandise imports climbed 40.1% in annual terms in November (October: +31.0% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.4 billion surplus in November (October 2021: USD 1.6 billion surplus; October 2020: USD 0.6 billion surplus). Lastly, the trend was stable, with the 12-month trailing merchandise trade balance recording a USD 14.0 billion surplus in November, compared to the USD 14.0 billion surplus in October.

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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Argentina Trade Balance Chart

Argentina Trade12m November 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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