Argentina Trade Balance April 2021


Argentina: Merchandise exports growth accelerates further in April also due to a low-base effect

May 28, 2021

Merchandise exports skyrocketed 41.3% in annual terms in April, following March’s softer 30.5% jump and marking the strongest reading since August 2010. The print reflected a very low-base effect and was driven by skyrocketing foreign sales of industrial and agricultural goods as well as by a strong expansion in exports of primary products more than offsetting a slump in exports of energy. In terms of export markets, March’s print mainly resulted from surging overseas shipments to Brazil, Chile, Egypt and India outweighing falling sales to China.

Merchandise imports skyrocketed 61.5% in annual terms in April (March: +68.7% yoy). The increase reflected a broad-based jump in purchases of capital, consumptions and intermediate goods as well as of motor vehicles and fuels.

Meanwhile, the trade balance recorded a USD 1.5 billion surplus in April, coming in above the USD 0.4 billion surplus logged in the previous month (April 2020: USD 1.5 billion surplus). Lastly, the 12-month rolling trade balance came in at USD 11.6 billion surplus in April, matching March’s print (April 2020: USD 17.7 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 Trade Balance Chart

Argentina Trade12m April 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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