Argentina: Exports contract more in May
June 23, 2015
In May, exports declined 25.9% over the same month last year, which was a significant deterioration over the 19.2% drop seen in the previous month. May’s decline reflected contractions in all of the sub-components that comprise the index, with energy exports posting the largest fall. On a monthly basis, May’s exports decreased 4.2% in seasonally-adjusted terms, which was an improvement over the 8.4% drop seen in the previous month.
In addition, imports fell 15.7% annually in May, which was below the 12.0% decline registered in the previous month. The drop was mainly driven by strong declines in purchases of automotive vehicles and fuels. The trade surplus totaled USD 0.4 billion in May, marking a deterioration over the USD 1.3 billion surplus recorded in May 2014. In the 12 months up to May, the trade balance posted an accumulated surplus of USD 5.2 billion, which was down from the USD 6.1 billion surplus reached during the 12 months up to April.
Author: Dirina Mançellari, Senior Economist