Argentina: Exports moderate in March
April 23, 2012
In March, exports expanded 1.9% over the same month last year, which was down from the 11.1% expansion seen in February and marked the lowest reading since February 2010. A month-on-month comparison paints an even bleaker picture than the one suggested by the annual figures, as exports contracted 1.5% on a seasonally adjusted basis, further down from February's 0.5% drop. Imports, meanwhile, fell 7.9% annually in March, which was down from February's 0.9% decrease and marked a second consecutive month of contracting imports. The figure reflects the lasting impact of government measures aimed at curbing import growth. However, as a result of moderating exports, the trade surplus shrank to USD 1.1 billion in March, down from the USD 1.3 billion surplus recorded in February.
Author: Armando Ciccarelli, Head of Data Solutions