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Argentina Trade April 2024

Argentina: Merchandise exports rise at a more moderate rate in April

Merchandise exports soared 10.7% annually in April (March: +13.0% year-on-year). Meanwhile, merchandise imports plunged 22.7% over the same month last year in April (March: -36.7% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.8 billion surplus in April (March 2024: USD 2.1 billion surplus; April 2023: USD 0.2 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 0.8 billion surplus in April, compared to the USD 1.2 billion deficit in March.

Commenting on the outlook, analysts at Itaú Unibanco stated:

“We expect the trade surplus to continue in the coming months, driven by import compression and the normalization of the agriculture sector. For 2024, we expect a trade surplus of USD 15 billion, from a deficit of USD 6.9 billion in 2023.”

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