Argentina: Exports contract at slowest pace in nine months in March
April 21, 2015
In March, exports declined 4.1% over the same month last year, which was a softer contraction compared to the 24.6% decrease seen in February and marked a nine-month high. February’s result had recorded an over-five-year low. March’s 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 increased 10.2% in seasonally-adjusted terms in March, which contrasted the 4.1% decrease recorded in the previous month.
In addition, imports fell 3.7% annually in March, which was well below the 24.4% decline registered in the previous month and also marked a nine-month high. The drop was mainly driven by strong declines in purchases of automotive vehicles and fuels. The trade surplus totaled USD 43 million in March, marking a deterioration over the USD 64 million surplus recorded in March 2014. In the 12 months up to March, the trade balance posted an accumulated surplus of USD 6.7 billion, which matched the surplus recorded during the 12 months up to February.
Author: Dirina Mançellari, Senior Economist