Argentina: Trade surplus narrows further amid strong import rise
March 21, 2013
In February, exports contracted 5.8% over the same month last year, which marked a larger drop than the 4.1% fall tallied in January. As a result, in the 12 months up to February, exports declined 5.4% over the corresponding period last year (January: -4.3% year-on-year).
Meanwhile, imports increased 9.8% annually in February, which was well above the 0.5% rise recorded in January and marked the largest increase in more than one year. Despite the strong annual increase, imports contracted 7.2% in the 12 months up to February (January: -7.9% yoy).
Finally, the trade balance registered a surplus of USD 521 million in February, which prompted the 12-month moving sum of the trade balance to fall to USD 11.6 billion from USD 12.4 billion in January.
LatinFocus Consensus Forecast panellists expect that exports will expand 9.0% in 2013, pushing them to a record of USD 88.5 billion. For 2014, the panel expects exports to grow 3.7%.