Argentina: Exports rise above pre-crisis peak
July 22, 2011
In June, exports rose 24.4% over the same month the year before, which was above the 23.7% expansion observed in May and marked the 15th consecutive month of double-digit export growth. With the June reading, exports surpassed pre-crisis levels for the first time. In June, the moving 3-month sum of exports reached USD 22.9 billion, which was above the USD 21.3 billion peak reached in September 2008. In February 2009, exports had reached a trough of USD 11.9 billion. A month-on-month comparison corroborates the positive annual result, as exports expanded 2.8% on a seasonally-adjusted basis, which was nonetheless below the 7.5% increase recorded in May. Meanwhile, imports grew 36.5% annually in June, down from the 39.1% expansion registered in May. Despite the pick-up in exports, the trade surplus narrowed from USD 1.7 billion in May to USD 1.0 billion in June.
Author: Armando Ciccarelli, Head of Data Solutions