Argentina Trade Balance September 2021


Argentina: Merchandise exports continue to grow strongly in September

October 22, 2021

Merchandise exports soared 59.8% over the same month last year in September, following August’s 63.5% 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, May’s print mainly resulted from surging overseas shipments to Brazil, Chile, China, India and the U.S. Meanwhile, merchandise imports climbed 42.6% in annual terms in September (August: +64.0% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.7 billion surplus in September (August 2021: USD 2.3 billion surplus; September 2020: USD 0.6 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 13.0 billion surplus in September, compared to the USD 11.9 billion surplus in August.

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 September 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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