Argentina Trade Balance October 2020

Argentina

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).

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 Trade12m October 20 20

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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