Argentina: Trade surplus widens notably in November amid strong export growth
Exports climbed 9.4% in year-on-year terms in November, following October’s 9.1% increase. November’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 a healthy rise in sales of manufactured products of agricultural and industrial origin. In contrast, exports of fuels and energy plunged. In terms of export markets, November’s expansion came on the back of a sharp rise in overseas shipments to China and India, partially offset by declining exports to NAFTA, Mercosur and Chile.
Imports plummeted 21.9% annually in November, a sharper drop than October’s 18.8% slump. Significant contractions in the imports of passenger motor vehicles, fuels and lubricants, and intermediate goods drove November’s downturn.
Meanwhile, the trade balance surplus widened from USD 1.8 billion in October to USD 2.4 billion in November (November 2018: USD 1.0 billion surplus). Therefore, the 12-month rolling trade balance rose from a USD 13.7 billion surplus in October to a USD 15.1 billion surplus in November (November 2018: USD 5.9 billion shortfall), marking the best result since April 2010.