Argentina Trade Balance February 2021


Argentina: Merchandise exports growth strengthens in February

March 29, 2021

Merchandise exports expanded 9.1% in annual terms in February, following January’s softer 7.3% increase and marking the strongest reading since November 2019. The print reflected skyrocketing foreign sales of agricultural manufactures more than offsetting falling exports of primary products and of fuels and energy as well as a dip in exports of manufactures of industrial origin. In terms of export markets, February’s print mainly resulted from soaring overseas shipments to China, the Netherlands and Vietnam outweighing falling sales to Brazil, Chile and Germany.

Merchandise imports rose 16.4% in annual terms in February (January: +8.7% yoy). The increase largely reflected soaring purchases of capital and intermediate goods as well as of motor vehicles.

Meanwhile, the trade balance recorded a USD 1.1 billion surplus in February, matching the surplus logged in the previous month (February 2020: USD 1.2 billion surplus). Lastly, the 12-month rolling trade balance inched down to a USD 12.4 billion surplus in February from January’s USD 12.6 billion surplus (February 2020: USD 17.4 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 February 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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