Argentina Trade July 2017


Argentina: Trade deficit worsens in July as exports rise but are outpaced by imports

August 24, 2017

In July, exports climbed 5.2% from the same month last year, contrasting June’s 2.9% fall. July’s reading was supported by strong performances in the exports of industrial goods, agricultural manufactures, and fuel and energy, which were more than enough to offset a fall in the exports of primary products.

As for the export markets which notably contributed to July’s climb, exports to the European Union rose 18.3%. Meanwhile, exports to China, which are heavily concentrated in soy beans, fell.

On a monthly basis, exports rose 4.9% in seasonally-adjusted terms in July, contrasting June’s 4.6% decline.

Imports jumped an impressive 29.9% from the same month last year, up from June’s 15.4% expansion. Imports of passenger motor vehicles and industrial transport equipment fueled this acceleration. The trade balance therefore swung from a USD 331 million surplus in July 2016 to a USD 798 million deficit in July 2017. In the 12 months leading up to July, the trade balance posted an accumulated shortfall of USD 2.3 billion, below the USD 1.2 billion deficit recorded in the 12 months up to June.

Panelists participating in the LatinFocus Consensus Forecast expect exports to expand 5.9% in 2017 and imports increasing 8.9%, thus pushing the trade balance to a USD 1.8 billion deficit. For 2018, the panel expects exports to increase 6.6% and imports to expand 7.7%, with a trade shortfall of USD 2.8 billion.

Author:, Economist

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Argentina Trade Chart

Argentina Trade12m July 2017 2

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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