Argentina: Soaring exports widen trade surplus in February
March 23, 2011
In February, exports rose 33.2% over the same month the year before, up from the 21.9% expansion observed in January. The reading marked the 12th consecutive month of double-digit growth. The February expansion corroborates the healthy state of the external sector, with exports gradually ascending to pre-crisis levels. In February, the moving 3-month sum in exports reached USD 16.4 billion, which was still below the peak of USD 21.3 billion observed in September 2008, but well above the USD 11.9 billion trough recorded in February 2009. A month-on-month comparison corroborates the positive year-on-year result, as exports expanded 2.5% on a seasonally-adjusted basis, which was, nonetheless, down from the 6.3% increase recorded in January. Meanwhile, imports grew 38.9% annually in February, slowing from the 52.2% expansion recorded in January. As a consequence, the trade surplus widened from USD 513 million in January to USD 608 million in February.
Author: Armando Ciccarelli, Head of Data Solutions