Argentina: Trade surplus widens further in October
Exports climbed 9.1% in year-on-year terms in October, following September’s 14.1% jump. October’s outturn was the result of higher exported quantities, while prices continued to fall. The print came on the back of skyrocketing exports of primary goods, as well as of a healthy rise in sales of manufactured products of agricultural origin. In contrast, exports of fuels and energy and of manufactured products of industrial origin fell sizably. In terms of export markets, October’s expansion came on the back of a sharp rise in overseas shipments to China, Vietnam and Switzerland partially offset by declining exports to Brazil, the U.S. and Chile.
Imports contracted 18.8% annually in October, a sharper drop than September’s 14.9% fall. Significant contractions in the imports of passenger motor vehicles, fuels and lubricants, and capital and consumption goods drove October’s downturn.
Meanwhile, the trade balance surplus widened from a surplus of USD 1.7 billion in September to USD 1.8 billion in October, the 14th consecutive surplus after 20 months in the red (October 2018: USD 0.3 billion surplus). The 12-month rolling trade balance rose from a USD 12.2 billion surplus in September to a USD 13.7 billion surplus in October (October 2018: USD 8.4 billion shortfall), marking the best result since June 2010.