Argentina: Exports contract more in August
September 22, 2015
In August, exports declined 16.0% over the same month last year, which represented a steeper contraction compared to the 12.3% drop seen in the previous month. August’s decline reflected contractions in manufacturing and energy exports. On a monthly basis, August’s exports dropped 4.2% in seasonally-adjusted terms, which came in below the 1.4% drop seen in July.
In addition, imports in August fell 2.6% annually, which was above the 3.7% decline registered in July. The drop was mainly driven by a strong decline in purchases of fuels and lubricants. The trade surplus totaled USD 0.05 billion in August, marking a deterioration over the USD 0.96 billion surplus recorded in August 2014. In the 12 months up to August, the trade balance posted an accumulated surplus of USD 3.0 billion, which was down from the USD 3.9 billion surplus reached during the 12 months up to July.
Author: Dirina Mançellari, Senior Economist