Argentina: Exports contract for third consecutive month
July 23, 2012
In June, exports contracted 10.3% over the same month last year, which was down from the 6.5% seen in May. The reading marks a third consecutive contraction and the largest drop since October 2009. A month-on-month comparison corroborates the bleak picture suggested by the annual figures, as exports dropped 1.6% on a seasonally adjusted basis, contrasting May's 2.6% increase. Imports, meanwhile, fell 11.6% annually in June, which was down from May's 5.2% decrease and marked a fifth consecutive month of contracting imports. The figure reflects the lasting impact of government measures aimed at curbing import growth. As a result, the trade balance recorded a surplus of USD 1.0 billion in June, which mirrored the result recorded in the same month last year.
Author: Armando Ciccarelli, Head of Data Solutions