Argentina Trade Balance December 2021


Argentina: Merchandise exports surge in December

January 21, 2022

Merchandise exports jumped 85.9% over the same month last year in December, following November’s 37.6% increase. The print was driven by skyrocketing foreign sales of agricultural and primary products as well as by strong expansions in exports of energy and industrial goods. In terms of export markets, December’s print mainly resulted from surging overseas shipments to Brazil, Chile, China, India, the U.S. and Vietnam. Meanwhile, merchandise imports climbed 59.1% in annual terms in December (November: +40.1% yoy).

As a result, the merchandise trade balance remained unchanged from the previous month, recording a USD 0.4 billion surplus in December (November 2021: USD 0.4 billion surplus; December 2020: USD 0.4 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 14.8 billion surplus in December, compared to the USD 14.0 billion surplus in November.

Panelists participating in the LatinFocus Consensus Forecast expect merchandise exports to increase 0.1% in 2022 and merchandise imports to expand 3.8%, pushing the trade balance to a USD 12.2 billion surplus. For 2023, the panel expects merchandise exports to increase 4.4% and merchandise imports to grow 7.2%, with a trade surplus of USD 11.1 billion.

Author: Massimo Bassetti, Senior Economist

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Argentina Trade Balance Chart

Argentina Trade12m December 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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