Argentina: Trade surplus narrows further in November
December 22, 2010
In November, exports rose 22.6% over the same month the year before, which was in line with the 22.4% expansion observed in October. The strong reading marked the ninth consecutive month of double-digit export growth. The November expansion corroborates the healthy state of the external sector, with exports gradually moving towards pre-crisis levels. In November, the moving 3-month sum in exports reached USD 18.3 billion, which was still below the peak of USD 21.3 billion observed in September 2008 but well above the USD 11.9 billion trough recorded in February 2009. A month-on-month comparison corroborates the positive monthly result, as exports expanded 1.5% on a seasonally-adjusted basis, contrasting the 2.6% contraction recorded in October. Meanwhile, imports grew an extraordinary 52.7% annually in November, which was up from the 35.5% expansion recorded in October. As a result of imports growing at a faster rate than exports over November, the trade surplus narrowed to USD 390 million.
Author: Armando Ciccarelli, Head of Data Solutions