Argentina: Trade surplus narrows in January amid export downturn
February 21, 2020
Exports dipped 0.8% in year-on-year terms in January, contrasting December’s 0.7% uptick. The print was the result of falling exports of manufactured products of agricultural and industrial origin and of fuels and energy, which more than offset higher foreign sales of primary products. In terms of export markets, January’s print mainly resulted from shrinking overseas shipments to Brazil, Chile, the U.S. and Germany more than offsetting rising exports to China, India, Vietnam and Indonesia.
Imports fell 16.1% annually in January, a somewhat softer drop than December’s 20.0% slump. Significant contractions in the imports of passenger motor vehicles, fuels and lubricants, and intermediate goods drove December’s downturn.
Meanwhile, the trade balance surplus narrowed from USD 2.2 billion in December to USD 1.0 billion in January (January 2019: USD 0.4 billion surplus). That said, the 12-month rolling trade balance rose from a USD 16.0 billion surplus in December to a USD 16.6 billion surplus in January (January 2019: USD 2.4 billion shortfall), marking the best result since January 2010.