Argentina: Exports swing to contraction in June
July 26, 2016
In June, exports dropped 13.0% over the same month last year, which contrasted the 2.7% increase observed in the previous month and marked a six-month low. June’s deterioration broadly reflected contractions in agricultural and energy exports. On a monthly basis, exports dropped 2.3% in seasonally-adjusted terms, which contrasted the 3.4% increase observed in the previous month.
Imports in June contracted 10.9% annually, which was a steeper decrease compared to the 1.8% drop seen in May. The trade surplus totaled USD 0.13 billion in June, marking a deterioration over the USD 0.28 billion surplus recorded in June 2015. In the 12 months up to June, the trade balance posted an accumulated deficit of USD 2.0 billion, which was a deterioration over the USD 1.8 billion deficit recorded in the 12 months up to May.
Author: Dirina Mançellari, Senior Economist