Argentina Trade July 2019


Argentina: Tumbling imports keep trade balance in surplus in July

August 21, 2019

Exports jumped 8.3% in year-on-year terms in July, following June’s 1.9% increase. July’s outturn was the result of surging exported quantities, while prices continued to fall. The print came on the back of skyrocketing exports of primary goods and a strong rise in sales of manufactured products of agricultural origin. In contrast, exports of fuels and energy, and manufactured products of industrial origin fell. In terms of export markets, overseas shipments to China, Vietnam and the U.S. increased markedly and were partially offset by declining exports to Brazil, Germany and Paraguay.

Imports plunged 20.6% annually in July, slightly less than June’s 23.5% dive. Significant falls in the imports of passenger motor vehicles, fuels and lubricants, and capital and consumption goods, drove July’s downturn.

Meanwhile, the trade balance surplus narrowed from a surplus of USD 1.1 billion in June to USD 951 million in July, the 11th consecutive surplus after 20 months in the red (July 2018: USD 772 million deficit). The 12-month rolling trade balance rose from a USD 6.6 billion surplus in June to a USD 8.4 billion surplus in July (July 2018: USD 10.6 billion shortfall), marking the best result since July 2013.

Panelists participating in the LatinFocus Consensus Forecast expect exports to expand 8.3% in 2019 and imports to decrease 11.8%, pushing the trade balance to a USD 9.0 billion surplus. For 2020, the panel expects exports to increase 6.7% and imports to grow 8.1%, with a trade surplus of USD 8.9 billion.

Author:, Economist

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Argentina Trade Chart

Argentina Trade12m July 2019

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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