Argentina Trade Balance July 2020


Argentina: Merchandise exports plummet again in July

August 25, 2020

Merchandise exports plummeted 16.3% in annual terms in July, following June’s 8.6% fall. The print reflected an across-the-board contraction of all four major categories, with exports of manufactured products of industrial origin and of fuels and energy collapsing the most. In terms of export markets, July’s print mainly resulted from tumbling overseas shipments to Brazil, China and the U.S. outweighing surging exports to the Netherlands and India.

Merchandise imports dived 30.1% in annual terms in July (June: -20.8% yoy). The downturn also reflected sharp declines across the major segments, with purchases of fuels and lubricants, and of equipment for capital goods falling the most.

Meanwhile, the trade surplus held largely steady at June’s USD 1.5 billion in July (July 2019: USD 1.0 billion surplus). Lastly, the 12-month rolling trade balance rose from June’s USD 18.5 billion surplus to a USD 19.0 billion surplus in July, marking the highest result in the series’ history (July 2019: USD 8.5 billion surplus).

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to drop 13.3% in 2020 and merchandise imports to decrease 20.2%, pushing the trade balance to a USD 17.3 billion surplus. For 2021, the panel expects merchandise exports to increase 7.6% and merchandise imports to rebound 15.8%, with a trade surplus of USD 15.4 billion.

Author:, Economist

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Argentina Trade Balance Chart

Argentina Trade12m July 20 20

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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