Argentina Trade Balance September 2020


Argentina: Merchandise exports plunge in September

October 23, 2020

Merchandise exports tumbled 18.0% in annual terms in September, following August’s 11.3% slump. The print reflected contractions in all of the four major categories, with exports of primary products and of fuels and energy collapsing the most. In terms of export markets, September’s print mainly resulted from tumbling overseas shipments to Brazil, China and the U.S. outweighing higher exports to Chile and India.

Merchandise imports rebounded and expanded 3.1% in annual terms in September (August: -20.4% yoy). The uptick reflected rising purchases of intermediate and consumer goods as well as of equipment for capital goods.

Meanwhile, the trade surplus came in at USD 0.6 billion in September from August’s USD 1.4 billion (September 2019: USD 1.7 billion surplus). Lastly, the 12-month rolling trade balance declined from August’s USD 19.2 billion surplus to a USD 18.1 billion surplus in September (September 2019: USD 12.2 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: Massimo Bassetti, Senior Economist

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Argentina Trade Balance Chart

Argentina Trade12m September 20 20 0

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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