Argentina: Export growth softens in April
May 23, 2017
In April, exports expanded 1.7% from the same month last year, which followed March’s revised 2.5% increase (previously reported: +2.3 year-on-year). Exports grew on the back of higher prices, despite a reduction in overall export volumes. As for the different product categories, exports of industrial and agricultural products continued to grow, albeit at softer pace than in the previous month. Meanwhile exports of primary products were flat, which was an improvement from the previous month’s sharp contraction, and energy and fuel exports contracted by more than two-fifths, reverting March’s solid growth. On a monthly basis, exports fell 6.8% in seasonally adjusted terms in April, strongly contrasting the revised 4.6% expansion in March (previously reported: +4.5% year-on-year).
Imports expanded 13.6% annually in April, down from March’s 16.4% jump. The trade balance therefore swung from a USD 372 million surplus in April 2016 to a USD 139 million deficit in April 2017. In the 12 months up to April, the trade balance posted an accumulated surplus of USD 0.9 billion, which was a deterioration from the USD 1.4 billion surplus recorded in the 12 months till March.