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