Argentina: Trade surplus widens further in September
Exports jumped 14.1% in year-on-year terms in September, following August’s 7.0% increase. September’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 and industrial origin. In contrast, exports of fuels and energy fell considerably. In terms of export markets, September’s expansion came on the back of a sharp rise in overseas shipments to China, Vietnam and the Netherlands partially offset by declining exports to Brazil, the U.S. and Germany.
Imports contracted 14.9% annually in September, a softer fall than August’s 30.3% dive. Significant contractions in the imports of passenger motor vehicles, fuels and lubricants, and capital and consumption goods, drove September’s downturn.
Meanwhile, the trade balance surplus widened from a surplus of USD 1.2 billion in August to USD 1.7 billion in September, the 13th consecutive surplus after 20 months in the red (September 2018: USD 0.3 billion surplus). The 12-month rolling trade balance rose from a USD 10.8 billion surplus in August to a USD 12.2 billion surplus in September (September 2018: USD 9.6 billion shortfall), marking the best result since November 2010.