Argentina: Merchandise exports continue to plummet in November
Merchandise exports tumbled 25.6% in annual terms in November, following October’s 20.7% slump and marking the worst reading since May 2015. The print reflected contractions in three of the four major categories, with exports of primary products and of industrial manufactures collapsing the most. In terms of export markets, November’s print mainly resulted from plunging overseas shipments to Brazil, China, Germany and the U.S. outweighing higher exports to India and Vietnam.
Merchandise surged 20.7% in annual terms in November (October: -2.8% yoy). The jump reflected soaring purchases of capital and intermediate goods as well as of motor vehicles.
Meanwhile, the trade surplus came in at USD 0.2 billion in November, below October’s USD 0.7 billion surplus and the weakest reading in over two years (November 2019: USD 2.5 billion surplus). Lastly, the 12-month rolling trade balance declined from October’s USD 17.0 billion surplus to a USD 14.7 billion surplus in November (November 2019: USD 15.2 billion surplus).