Argentina: Trade deficit widens further in August
September 27, 2018
Exports contracted 1.4% in year-on-year terms in August, contrasting July’s revised 1.8% expansion (previously reported: +1.7% year-on-year). August’s drop reflected an over 20% contraction in exports of primary commodities, only partially offset by strong increases in industrial, and fuels and energy exports, and by a slight expansion in exports of agricultural products.
Imports dropped 0.3% annually in August, swinging from July’s 2.2% uptick. A sharp fall in capital goods and consumption goods imports, only partially compensated by heavier imports of intermediate goods and energy, explain August’s decline.
The trade deficit widened from USD 0.8 billion in July to USD 1.1 billion in August (August 2017: USD 1.1 billion deficit). The 12-month rolling trade deficit came in at USD 11.0 billion (August 2017: USD 4.0 billion shortfall), in line with July’s result.