Merchandise exports drop at a more pronounced rate in June
Merchandise exports sank 35.4% over the same month last year in June (May: -24.1% year-on-year). June’s outturn marked the largest drop since August 2009. Meanwhile, merchandise imports dived 17.2% in annual terms in June (May: -6.3% yoy), marking the weakest result since December 2022.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.7 billion deficit in June (May 2023: USD 1.1 billion deficit; June 2022: USD 0.2 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 0.4 billion deficit in June, compared to the USD 1.1 billion surplus in May.
Commenting on the release, Juan Carlos Barboza and Diego Ciongo, analysts at Itaú, stated:
“Exports declined in Q2 2023, affected by the severe drought. […] Agricultural exports, including manufactured agricultural products, plummeted by 36.4% year on year in the quarter […], led by a drought-related reduction in exports of wheat, corn and soybean oil. Exports of other industrial products fell by 16.2% yoy in the period […], mostly due to smaller shipments of biodiesel.”
Argentina Exports Chart
Argentina Exports Data
|Merchandise Exports (USD bn)||61.8||65.1||54.9||77.9||88.4|
|Exports (G&S, ann. var. %)||0.6||9.8||-17.4||8.5||5.8|
|Merchandise Exports (ann. var. %)||5.3||5.4||-15.7||42.0||13.5|