Argentina: Exports contract less in July
August 24, 2015
In July, exports declined 12.3% over the same month last year, which represented a smaller contraction compared to the 14.0% drop seen in the previous month. July’s decline reflected contractions in manufacturing and energy exports. On a monthly basis, July’s exports dropped 0.4% in seasonally-adjusted terms, which contrasted markedly the 16.8% increase observed in June.
In addition, imports fell 3.7% annually in July, which was above the 6.7% decline registered in June. The drop was mainly driven by a strong decline in purchases of fuels and lubricants. The trade surplus totaled USD 0.21 billion in July, marking a deterioration over the USD 0.82 billion surplus recorded in July 2014. In the 12 months up to June, the trade balance posted an accumulated surplus of USD 3.9 billion, which was down from the USD 4.6 billion surplus reached during the 12 months up to June.
Author: Dirina Mançellari, Senior Economist