Argentina Trade Balance August 2020


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).

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to drop 13.3% in 2020 and merchandise imports to decrease 20.2%, pushing the trade balance to a USD 17.3 billion surplus. For 2021, the panel expects merchandise exports to increase 7.6% and merchandise imports to rebound 15.8%, with a trade surplus of USD 15.4 billion.

Author: Massimo Bassetti, Senior Economist

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Argentina Trade Balance Chart

Argentina Trade12m August 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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