Argentina: Trade surplus widens amid largest imports drop in almost three years
September 24, 2012
In August, exports dropped 5.5% over the same month last year, which contrasted the 1.8% increase seen in July and marked the fourth contraction in the last five months. A month-on-month comparison corroborates the deterioration suggested by the annual figures, as exports fell a seasonally adjusted 0.3%, contrasting July's 8.2% rise. Imports, meanwhile, plummeted 17.0% annually in August, which was down from July's 4.2% decrease and marked the seventh consecutive month of contracting imports. The figure, which represents the largest drop in imports in almost three years, reflects the lasting impact of government measures aimed at curbing import growth. As a result, the trade balance recorded a surplus of USD 1.6 billion in August, which was twice the USD 800 million surplus seen in the same month last year.
Author: Armando Ciccarelli, Head of Data Solutions