Argentina: Trade surplus narrows in October
November 23, 2010
In October, exports rose 22.4% over the same month last year, which was almost half the 41.1% expansion observed in September. However, the reading marked the eighth consecutive month of double-digit growth in exports. The October expansion corroborates the healthy state of the external sector, with export figures gradually moving towards pre-crisis levels. In October, the moving 3-month sum in exports reached USD 18.7 billion, which was still below the peak of USD 21.3 billion observed in September 2008 but well above the through recorded in February 2009 (USD 11.9 billion). However, a month-on-month comparison does not corroborate the positive monthly result, as exports contracted 2.6% on a seasonally-adjusted basis, contrasting the 4.8% expansion recorded in September. The figure marked the first negative month-on-month reading in since July. Meanwhile, imports grew 35.5% annually in October, which was down from the 45.5% expansion recorded in September. As a result of imports growing at a faster rate than exports, in October, the trade surplus narrowed to USD 931 million, after remaining at USD 1.1 billion over the two previous months.
Author: Armando Ciccarelli, Head of Data Solutions