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Argentina Trade Balance December 2020

Argentina: Merchandise exports plummet at faster pace in over 11 years in December

Merchandise exports collapsed 34.1% in annual terms in December, following November’s 23.6% slump and marking the worst reading since September 2009. The print reflected contractions in all of the four major categories, with exports of primary products and of agricultural manufactures freefalling. In terms of export markets, December’s print mainly resulted from plunging overseas shipments to Chile, China and the U.S.

Merchandise imports jumped 24.7% in annual terms in December (November: +20.7% yoy). The jump largely reflected soaring purchases of capital and intermediate goods.

Meanwhile, the trade balance swung to a USD 0.4 billion deficit in December from a USD 0.4 billion surplus in November, marking the weakest reading since August 2018 (December 2019: USD 2.2 billion surplus). Lastly, the 12-month rolling trade balance declined to a USD 12.5 billion surplus in December from November’s USD 15.1 billion surplus (December 2019: USD 16.0 billion surplus).

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