Argentina Trade March 2017


Argentina: Exports rebound in March

April 25, 2017

In March, exports in Argentina expanded 2.3% from the same month last year, which contrasted February’s 6.3% drop. Exports grew on the back of higher prices, despite a reduction in overall export volumes. As for the different product categories, exports of industrial, agricultural and energy products all expanded at double-digit rates, while exports of primary products contracted by almost a fifth. On a monthly basis, exports grew 4.5% in seasonally adjusted terms in March, strongly contrasting the revised 9.6% fall in February (previously reported: -9.8% year-on-year) and marking the highest reading in four months.

Imports jumped 16.4% annually in March, contrasting February’s 2.4% drop. The trade balance therefore worsened from a USD 274 million shortfall in March 2016 to a USD 941 million deficit in March 2017. In the 12 months up to March, the trade balance posted an accumulated surplus of USD 1.4 billion, which was a deterioration from the USD 2.0 billion surplus recorded in the 12 months till February.

Panelists participating in the LatinFocus Consensus Forecast expect exports to expand 6.9% in 2017 and they see imports increasing 10.0%, thus pushing the trade balance to a USD 0.5 billion surplus. For 2018, the panel expects exports to increase 6.5% and imports to expand 8.1%, with a trade deficit of USD 0.5 billion.

Author: Massimo Bassetti, Economist

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Argentina Trade Chart

Argentina Trade12m March 2017

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.

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