Argentina Trade June 2016

Argentina

Argentina: Exports contract for second consecutive month in July

August 24, 2016

In July, exports dropped 10.9% over the same month last year, which followed the 12.9% decrease observed in the previous month. July’s deterioration broadly reflected sharp declines in manufacturing and energy exports. On a monthly basis, exports dropped 1.3% in seasonally-adjusted terms, which followed the 2.3% decrease observed in the previous month.

Imports contracted 17.3% annually in July, which was a steeper decrease compared to the 10.9% drop seen in June and marked a 17-month low. The trade surplus totaled USD 0.27 billion in July, marking an improvement over the USD 0.10 billion shortfall recorded in July 2015. In the 12 months up to July, the trade balance posted an accumulated deficit of USD 1.6 billion, which was a deterioration over the USD 2.0 billion deficit recorded in the 12 months up to June.

Panelists participating in the LatinFocus Consensus Forecast expect exports to drop 3.4% in 2016, imports to contract by 2.7% and the trade surplus to be USD 0.6 billion. For 2017, the panel expects exports to increase 7.8% and imports to expand 9.2%, with the trade surplus narrowing to USD 0.2 billion.


Author:, Senior Economist

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Argentina Trade12m July 2016 1

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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