Argentina Trade Balance March 2022


Argentina: Merchandise exports decelerate in March

April 22, 2022

Merchandise exports rose 28.5% over the same month last year in March (February: +35.1% year-on-year). The print was driven by skyrocketing foreign sales of primary products and energy as well as by a strong expansion in exports of industrial goods. In terms of export markets, March’s print mainly resulted from surging overseas shipments to Brazil, Chile, China, the Netherlands and the U.S. Meanwhile, merchandise imports shot up 33.0% in annual terms in March (February: +51.7% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.3 billion surplus in March (February 2022: USD 0.8 billion surplus; March 2021: USD 0.4 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 13.6 billion surplus in March, compared to the USD 13.7 billion surplus in February.

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to increase 0.1% in 2022 and merchandise imports to expand 3.8%, pushing the trade balance to a USD 12.2 billion surplus. For 2023, the panel expects merchandise exports to increase 4.4% and merchandise imports to grow 7.2%, with a trade surplus of USD 11.1 billion.

Author: Massimo Bassetti, Senior Economist

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Argentina Trade Balance Chart

Argentina Trade12m March 2022

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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