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.
Author: Dirina Mançellari, Senior Economist