Argentina: Merchandise exports continue to jump in June also due to a low base effect
Merchandise exports soared 45.8% in annual terms in June, following May’s softer 34.2% jump. The print again reflected a very low base effect and was driven by skyrocketing foreign sales of industrial and agricultural goods as well as by strong expansions in exports of energy and primary products. In terms of export markets, June’s print mainly resulted from surging overseas shipments to Brazil, Chile, India, the Netherlands and the U.S. outweighing falling sales to China and Vietnam.
Merchandise imports skyrocketed 79.1% in annual terms in June (May: +62.4% yoy). The increase reflected a broad-based jump in purchases of capital, consumptions and intermediate goods as well as of motor vehicles and fuels.
Meanwhile, the trade balance recorded a USD 1.1 billion surplus in June, coming in below the USD 1.7 billion surplus logged in the previous month (June 2020: USD 1.5 billion surplus). Lastly, the 12-month rolling trade balance came in at USD 11.0 billion surplus in June, down from May’s USD 11.4 billion surplus (June 2020: USD 18.7 billion surplus).