Argentina: Merchandise exports contract again in August
September 28, 2020
Merchandise exports slumped 11.3% in annual terms in August, following July’s 16.3% plunge. The print reflected contractions in three of the four major categories, with exports of manufactured products of industrial origin and of fuels and energy collapsing the most. In terms of export markets, August’s print mainly resulted from tumbling overseas shipments to Brazil and China outweighing higher exports to the U.S., Vietnam and Chile.
Merchandise imports plummeted 20.4% in annual terms in August (July: -29.6% yoy). The downturn reflected sharp declines across the major segments, with purchases of fuels and lubricants, and of equipment for capital goods falling the most.
Meanwhile, the trade surplus came in at USD 1.4 billion in August from July’s USD 1.5 billion (August 2019: USD 1.2 billion surplus). Lastly, the 12-month rolling trade balance rose from July’s USD 19.0 billion surplus to a USD 19.2 billion surplus in August, marking the highest result in the series’ history (August 2019: USD 10.8 billion surplus).