Argentina: Exports contract at faster pace in February on diving purchases from China
March 27, 2020
Exports fell 2.8% in year-on-year terms in February, following January’s softer 0.8% dip. The print was the result of falling exports of manufactured products of agricultural and industrial origin and of fuels and energy, which more than offset higher foreign sales of primary products. In terms of export markets, February’s print mainly resulted from tumbling overseas shipments to China, compounded by lower sales to Brazil, India, Chile and the U.S. more than offsetting rising exports to Germany and Indonesia.
Imports slumped 20.1% annually in February, a sharper drop than January’s 16.1% fall. Diving imports of passenger motor vehicles and significant contractions in the imports of fuels and lubricants, capital and intermediate goods drove February’s downturn.
Meanwhile, the trade balance surplus widened from USD 1.0 billion in January to USD 1.1 billion in February (February 2019: USD 0.5 billion surplus). Moreover, the 12-month rolling trade balance rose from a USD 16.6 billion surplus in January to a USD 17.3 billion surplus in February (February 2019: USD 1.1 billion shortfall), marking the best result since July 2009.