Argentina Trade


Argentina: Exports contract again in December

January 22, 2015

In December, exports declined 13.2% over the same month of the previous year, which was a less pronounced decline than the 20.1% drop tallied in November. December’s result was mainly due to better performance of manufacturing imports. Conversely, the rest of the sub-components of the index recorded stronger contractions in December compared to the previous month.

On a monthly basis, exports fell 13.9% in seasonally-adjusted terms in December, which was notably down from the 3.1% decline recorded in the previous month.

Imports fell 12.8% annually in December, which was up from the 18.5% decline registered in November. The drop was mainly driven by fewer purchases of capital and intermediate goods. The remaining sub-components grew at rates relatively similar to those of the previous month. The trade surplus totaled USD 74 million in December, marking a slight deterioration compared to the USD 107 million recorded in December 2013. During the full year 2014, the trade balance posted an accumulated surplus of USD 6.7 billion, which was virtually in line with the surplus recorded during the 12 months up to November.

LatinFocus Consensus Forecast panelists expect exports to drop 7.0% in 2015 and they see imports contracting 4.4%, thus pushing the trade surplus to USD 5.2 billion. For 2016, the panel expects exports to increase 6.2% and imports to expand 8.4%, with the trade surplus narrowing to USD 4.1 billion.

Author:, Economist

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Argentina Trade Chart

Argentina Trade12m December 2014

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.

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