Argentina Trade Balance July 2021

Argentina

Argentina: Merchandise exports gain steam in July

August 19, 2021

Merchandise exports soared 47.1% annually in July (June: +46.5% year-on-year). July’s outturn marked the largest growth since August 2008. Meanwhile, merchandise imports jumped 65.6% on an annual basis in July (June: +79.1% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 1.5 billion surplus in July (June 2021: USD 1.1 billion surplus; July 2020: USD 1.5 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 11.0 billion surplus in July, compared to the USD 11.0 billion surplus in June.

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 July 2021

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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