Argentina: Exports mark smaller contraction in June, remain mired in the red
July 22, 2015
In June, exports declined 14.0% over the same month last year, which represented a smaller contraction that the 25.9% drop seen in the previous month. June’s decline reflected contractions in manufacturing and energy exports, with the latter experiencing the largest fall. On a monthly basis, June’s exports increased 15.5% in seasonally-adjusted terms, which was an improvement over the 6.1% drop seen in the previous month.
In addition, imports fell 6.7% annually in June, which was above the 15.7% decline registered in May. The drop was mainly driven by a strong decline in purchases of fuels and lubricants. The trade surplus totaled USD 0.45 billion in June, marking a deterioration over the USD 1.0 billion surplus recorded in June 2014. In the 12 months up to June, the trade balance posted an accumulated surplus of USD 4.6 billion, which was down from the USD 5.2 billion surplus reached during the 12 months up to May.
Author: Dirina Mançellari, Senior Economist