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Argentina Trade December 2023

Argentina: Merchandise exports decrease at a slower pace in December

Merchandise exports dived 13.8% in annual terms in December (November: -30.9% year-on-year). December’s figure marked the softest contraction since January 2023. Meanwhile, merchandise imports slid 15.2% over the same month last year in December (November: -4.9% yoy), marking the weakest result since July 2023.

As a result, the merchandise trade balance improved from the previous month, recording a USD 1.0 billion surplus in December (November 2023: USD 0.6 billion deficit; December 2022: USD 1.1 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 6.9 billion deficit in December, compared to the USD 6.8 billion deficit in November.

Commenting on the outlook for this year, Andrés Pérez and Diego Ciongo, analysts at Itaú Unibanco, stated:

“For 2024, we expect a […] recovery of the agriculture sector and weaker imports after the sharp depreciation of the currency and soft activity.”

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