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Argentina Trade Balance July 2020

Argentina: Merchandise exports plummet again in July

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).

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