Argentina: Exports accelerate further in May
June 19, 2013
In May, exports expanded 13.6% over the same month last year, which followed the 12.7% increase tallied in April and marked the largest rise since December 2011. The improvement reflects stronger soy and corn exports, as production of the two commodities has rebounded this year after a drought negatively affected harvests in 2012.
Despite the stronger figure, in the 12 months up to May, exports declined 1.8% over the corresponding period last year, which, nevertheless, marks an improvement compared to the 3.8% drop recorded in April.
Meanwhile, imports rose 17.3% in May (April: +32.0% year-on-year). As a result, in the 12 months up to May, imports stepped up to a 1.6% contraction, up from the 3.7% drop seen in the 12 months up April.
Finally, the trade balance registered a surplus of USD 1.3 billion in May, whereas the 12-month moving sum of the trade balance was unchanged at April's USD 10.5 billion.
LatinFocus Consensus Forecast panellists expect that exports will expand 9.0% in 2013, pushing them to a record of USD 88.5 billion. For 2014, the panel expects exports to grow 3.7%.
Author: Armando Ciccarelli, Head of Data Solutions