Argentina: Exports contract at fastest pace in over five years in February
March 25, 2015
In February, exports declined 24.6% over the same month of last year, which was an even stronger decline than the 17.9% drop tallied in January and marked an over-five-year low. February’s strong drop reflected contractions in all of the sub-components that comprise the index, with energy exports posting the largest fall. On a monthly basis, exports decreased 4.6% in seasonally-adjusted terms in February, which contrasted the 6.0% increase recorded in the previous month.
Imports fell 25.0% annually in February, which was well below the 18.8% decline registered in January and also marked an over-five-year low. The drop was mainly driven by strong declines in purchases of automotive vehicles and fuels. The trade surplus totaled USD 53 million in February, marking a slight improvement over the USD 44 million recorded in February 2014. In the 12 months up to February, 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 January.
Author: Cecilia Simkievich, Economist