Argentina: Merchandise exports continue to plummet in October
November 25, 2020
Merchandise exports tumbled 21.6% in annual terms in October, following September’s 18.0% slump. The print reflected contractions in all of the four major categories, with exports of primary products and of fuels and energy collapsing the most. In terms of export markets, October’s print mainly resulted from plunging overseas shipments to Brazil, China and the U.S. outweighing higher exports to India and Spain.
Merchandise imports fell 2.8% in annual terms in October (September: +3.1% yoy). The dip reflected declining purchases of consumer goods, equipment for capital goods and fuels and lubricants.
Meanwhile, the trade surplus came in at USD 0.6 billion in October, matching September’s reading (October 2019: USD 1.8 billion surplus). Lastly, the 12-month rolling trade balance declined from September’s USD 18.1 billion surplus to a USD 16.9 billion surplus in October (October 2019: USD 13.7 billion surplus).